Home > Boards > US Listed > Basic Materials > Tronox Inc. (TROX)

It's a long, long road:

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
EH22 Member Profile
 
Followed By 0
Posts 32
Boards Moderated 0
Alias Born 09/27/10
160x600 placeholder
Tronox Announces Dates For Third Quarter 2019 Earnings Release & Webcast Conference Call PR Newswire (US) - 10/15/2019 4:00:00 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 9/3/2019 5:01:21 PM
Statement of Ownership (sc 13g) Edgar (US Regulatory) - 8/19/2019 5:03:26 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 8/19/2019 8:31:18 AM
Tronox Declares Quarterly Dividend PR Newswire (US) - 8/19/2019 8:11:00 AM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 8/16/2019 4:34:37 PM
Quarterly Report (10-q) Edgar (US Regulatory) - 8/9/2019 10:19:43 AM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 8/8/2019 1:02:04 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 8/7/2019 8:36:35 AM
Tronox Reports Second Quarter 2019 Financial Results PR Newswire (US) - 8/6/2019 5:50:00 PM
Tronox Announces Dates For Second Quarter 2019 Earnings Release & Webcast Conference Call PR Newswire (US) - 7/12/2019 11:28:00 AM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 7/2/2019 5:14:32 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 7/2/2019 5:11:16 PM
Amended Current Report Filing (8-k/a) Edgar (US Regulatory) - 6/19/2019 4:32:15 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 6/13/2019 5:07:30 PM
Amended Statement of Ownership (sc 13g/a) Edgar (US Regulatory) - 6/10/2019 5:27:38 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 6/5/2019 1:59:28 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 6/5/2019 10:52:47 AM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 6/4/2019 1:58:15 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 6/3/2019 5:00:34 PM
Tronox to Hold Investor Call to Discuss Legacy Cristal Business Performance and Reiterate Outlook for 2019 and 2020 PR Newswire (US) - 6/3/2019 4:30:00 PM
Tronox Announces $100 Million Share Repurchase Program PR Newswire (US) - 6/3/2019 6:51:00 AM
EH22   Monday, 12/17/18 03:08:59 PM
Re: None
Post # of 7197 
It's a long, long road:


Administrative Law Judge Upholds FTC’s Complaint Allegations that Merger of Major Titanium Dioxide Companies would have Harmed Competition

For Release
December 17, 2018

Tags:

Manufacturing Industrial Goods Bureau of Competition Competition Merger Horizontal

In an Initial Decision announced today, Chief Administrative Law Judge D. Michael Chappell upheld allegations in a Federal Trade Commission complaint challenging the merger of Tronox Limited and Cristal, two top suppliers of chloride process titanium dioxide (“TiO2”), a white pigment used in a wide variety of products, including paint, industrial coatings, plastic, and paper.

“The evidence proves that the planned Acquisition may substantially lessen competition in the relevant market for the sale of chloride TiO2 in North America in violation of Section 7 of the Clayton Act and Section 5 of the FTC Act,” Judge Chappell wrote in the decision. He concluded that the planned Acquisition would create a highly concentrated market and increase the likelihood of coordinated conduct among the remaining firms.

“Respondents have failed to rebut this proof, including by failing to demonstrate that entry or expansion would be timely, likely, and sufficient to counteract the likely anticompetitive effects of the Acquisition, or to demonstrate cognizable synergies or efficiencies that might justify the likely anticompetitive effects of the Acquisition,” Judge Chappell wrote.

An order Judge Chappell included with the Dec. 7, 2018 Initial Decision would require the respondents to terminate the Proposed Acquisition Agreement and cease taking any direct or indirect actions to consummate it; to return all confidential information to each other; and to certify final compliance within 15 days of the order becoming final.

According to the FTC’s Administrative Complaint, Tronox Limited’s proposed acquisition of competitor Cristal, for $1.67 billion and a 24 percent stake in the combined entity, would violate the antitrust laws by significantly reducing competition in the North American market (comprised of the United States and Canada) for chloride process titanium dioxide. The FTC alleged that the acquisition, if consummated, would increase the risk of coordinated action among the remaining competitors, and increase the risk of future anticompetitive output reductions by Tronox.

The Appeals Process. Because the Federal Trade Commission has sought preliminary relief to prevent consummation of the proposed acquisition in federal court, Commission Rule 3.52(a) provides that the Judge’s Initial Decision is subject to automatic review by the full Commission. On September 12, 2018, the United States District Court for the District of Columbia issued a Memorandum Opinion and Order granting the Commission’s Motion For Preliminary Injunction.

The full decision of the judge is on:
https://www.ftc.gov/system/files/documents/cases/docket_9377_tronox_et_al_initial_decision_redacted_public_version.pdf

I hope the FTC will accept Tronox's proposal for the divestiture of the ashtabula plant as a possible solution.

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist