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TROX

Tronox

$21.88

0.07 (0.32%)

18:09
01/23/18
01/23
18:09
01/23/18
18:09

Tronox files lawsuit to prevent FTC from blocking proposed Cristal acquisition

Tronox filed a lawsuit in the United States District Court for the Northern District of Mississippi seeking declaratory and injunctive relief to prevent the U.S. Federal Trade Commission from blocking the company's proposed acquisition of the titanium dioxide business of Cristal, a privately held global chemical and mining company headquartered in Jeddah, Saudi Arabia. The FTC is trying to block the acquisition, not through the ordinary litigation process in federal court, but rather by solely using its administrative process to run out the clock until the transaction agreement expires. This denies the company the opportunity for the legality of the proposed acquisition to be decided on its merits in a timely manner. The proposed acquisition was originally announced in February 2017. If the combination is not completed by May 21, 2018, either party would have the right to terminate the agreement unless such date is amended by mutual agreement. Tronox made the decision to file its lawsuit because the FTC has employed a litigation strategy to rely solely on an administrative process that could not possibly conclude before the acquisition agreement expires, a thinly veiled attempt to run out the clock instead of resolving its concerns about the transaction on their merits. An action in federal court would need to be initiated in the near future in order to allow for a timely resolution.

TROX Tronox
$21.88

0.07 (0.32%)

12/06/17
UBSW
12/06/17
NO CHANGE
Target $19
UBSW
Sell
UBS keeps Sell rating on Tronox as FTC challenges Cristal deal
UBS analyst John Roberts noted Tronox (TROX) shares traded lower following an FTC administrative challenge to its acquisition of Cristal. The FTC cited Valspar's (SHW) price fixing case against DuPont, which is now Chemours (CC), which looked at the market regionally rather than globally and at chloride process TiO2 pigment alone rather than a combined chloride and sulfate process. Roberts, who noted that market shares are much different on a regional chloride TiO2 basis than on an all-TiO2 global basis, maintains his Sell rating and $19 price target on Tronox shares.
12/07/17
SBSH
12/07/17
NO CHANGE
SBSH
TiO2 cycle moving in right direction without Tronox deal, says Citi
Citi analyst P.J. Juvekar views the Federal Trade Commission's lawsuit to block Tronox's (TROX) acquisition of Cristal as negative for his TiO2 coverage saying it may lead to a less consolidated market. Nonetheless, the analyst thinks the TiO2 cycle is "going in the right direction" without the Tronox deal. He remains a buyer of both Chemours (CC) and Venator Materials (VNTR) following yesterday's pullback.
12/14/17
LEHM
12/14/17
INITIATION
Target $25
LEHM
Overweight
Tronox initiated with an Overweight at Barclays
Barclays analyst Duffy Fischer started Tronox with an Overweight rating and $25 price target. The analyst believes an attractive valuation and synergy potential of the Cristal acquisition offset the regulatory risk.
12/14/17
12/14/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. CBS (CBS) initiated with an Overweight at Stephens. 2. Floor & Decor (FND) initiated with a Buy at Stifel. 3. Tronox (TROX) initiated with an Overweight at Barclays. 4. LivePerson (LPSN) initiated with a Buy at B. Riley FBR. 5. Western Union (WU) assumed with a Sell at Goldman Sachs. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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