A U.S. judge on Wednesday granted the U.S. Federal Trade Commission (FTC) a preliminary injunction blocking chemical maker Tronox’s pending acquisition of Saudi Arabian peer Cristal’s titanium dioxide business.
The FTC, which filed a complaint in July, first objected to the deal last year, saying the merger would reduce competition in the market.
Tronox and Cristal, a subsidiary of Saudi Arabia’s Tasnee, are two of the three top suppliers of chloride process titanium dioxide, used to make paint, plastic, paper and other products, the FTC had then said.
Tronox said on Wednesday that it intends to appeal and will request an expedited hearing.
The company will also consider whether to proceed with the divestiture of Cristal’s Ashtabula, Ohio, two-plant titanium dioxide production complex.
Tronox’s shares were up marginally at $15.61.
By Karan Nagarkatti
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?