Tronox announces termination of TiZir Titanium and Iron acquisition agreement

Tronox Holdings released selected preliminary unaudited financial results for the quarter ending December 31, 2020, and provided an update on its business, including the decision to terminate its agreement with Eramet S.A. to acquire the TiZir Titanium and Iron business following the British Competition and Markets Authority's rejection of a remedy proposal and opening of a Phase 2 investigation. "We are disappointed with the rejection of our remedy proposal and respectfully disagree with the view taken by the CMA," stated Jean-Francois Turgeon, co-Chief Executive Officer; Executive Vice President and Chief Operating Officer. "While TTI was an asset that would have furthered our vertical integration strategy, the decision to terminate the agreement reflects the fact that under the CMA's rules, we could not have obtained regulatory approval prior to the termination date under the agreement with Eramet. We are currently building significant momentum in the market and are already well-positioned to execute on our strategic plans with our existing portfolio today. We will continue to leverage our vertical integration and sourcing strategy to supply our pigment feedstock requirements and remain focused on our efforts to bring the Jazan smelter online." Upon signing of the agreement to acquire TTI in May 2020, $18M of funds were placed into escrow which, due to the termination of the agreement, will now be released to Eramet as a break fee.