The 75-day exclusivity period stated in the Memorandum of Understanding (“MOU”)between Tronox Limited and Venator Materials has expired without the two companies coming to an agreement on the terms of the sale of Tronox's Ashtabula, Ohio TiO2 production site.
On July 16, 2018, Venator and Tronox announced they had entered into the MOU, which contemplated the possible sale of the Ashtabula, Ohio facility to Venator.
This was dependent upon the sale securing US Federal Trade Commission (“FTC”) approval of Tronox's proposed acquisition of the TiO2 business of The National Titanium Dioxide Company Limited (“Cristal”).
Cristal is a privately held global chemical and mining company headquartered in Jeddah, Saudi Arabia.
Tronox continues to discuss the possible divestiture of the Ashtabula TiO2 complex as a settlement and potential remedy to allow completion of its acquisition of Cristal to be consummated.