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
Source: Reuters
3M and Dow have announced they are cutting thousands of roles from their global workforces in response to economic pressures. Dow has said it will cut 2,000 jobs across its global workforce (around 5%) in a bid to save US$1bn in 2023. The company says it will also cut costs by shutting down “select assets”, though it did not note where it would halt operations.
Sweden’s state mining firm has discovered what could be Europe’s largest rare earths deposit, and says it could help the bloc reduce its reliance on imports of minerals needed to manufacture clean technologies and meet climate targets.
Henkel and Avantium have been partners since 2019, when Henkel joined the PEFerence consortium. This consortium of partners, coordinated by Avantium, aims to establish an innovative supply chain for FDCA and PEF (polyethylene furanoate).
