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TROX

Tronox

$15.31

0.29 (1.93%)

, VNTR

Venator Materials

$11.75

0.04 (0.34%)

07:06
08/20/18
08/20
07:06
08/20/18
07:06

EC issues final approval of Tronox's proposed Cristal acquisition

Tronox (TROX) announced that it has received final approval from the European Commission to close its proposed acquisition of the titanium dioxide business of The National Titanium Dioxide Company Limited, a privately held global chemical and mining company headquartered in Jeddah, Saudi Arabia. The final approval was issued following the European Commission's conclusion that Venator Materials (VNTR) is a suitable purchaser of Tronox's 8120 paper-laminate product grade currently supplied to European customers from Tronox's Botlek facility in the Netherlands. Divesture of this product grade was the condition set forth in the conditional approval granted to Tronox by the European Commission on July 4, 2018. Consummation of the divestiture of the 8120 paper-laminate product grade will occur following approval of the overall Cristal acquisition transaction by the U.S. regulatory authorities, which Tronox is vigorously pursuing in the U.S. District Court of the District of Columbia.

TROX

Tronox

$15.31

0.29 (1.93%)

VNTR

Venator Materials

$11.75

0.04 (0.34%)

  • 05

    Sep

  • 11

    Sep

TROX Tronox
$15.31

0.29 (1.93%)

02/07/18
WELS
02/07/18
INITIATION
Target $28
WELS
Outperform
Tronox initiated with an Outperform at Wells Fargo
Wells Fargo analyst Frank Mitsch started Tronox with an Outperform rating and $28 price target. The analyst has a positive view on the company's acquisition of Cristal and a favorable near-term/sustainable mid-term outlook of TiO2.
02/07/18
02/07/18
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. HP Inc. (HPQ) was initiated with a Neutral at Goldman Sachs, while Cisco (CSCO) was initiated with a Buy. 2. Tronox (TROX) initiated with an Outperform at Wells Fargo. 3. Data I/O (DAIO) initiated with a Buy at RF Lafferty. 4. SailPoint Technologies (SAIL) initiated with a Buy at Needham. 5. Aimmune (AIMT) initiated with an Outperform at RBC Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
03/27/18
BMOC
03/27/18
INITIATION
Target $24
BMOC
Outperform
Tronox initiated with an Outperform at BMO Capital
BMO Capital analyst John McNulty started Tronox with an Outperform rating and $24 price target.
07/31/18
RHCO
07/31/18
INITIATION
Target $24
RHCO
Buy
Tronox initiated with a Buy at SunTrust
SunTrust analyst James Sheehan initiated Tronox with a Buy rating and a price target of $24 as part of his broader research note suggesting that the titanium dioxide, or TiO2, upcycle is nearing a peak. Despite the pricing pressure, the analyst expects Tronox to become one of the two largest global TiO2 producers pending a merger with Saudi-owned Cristal and contingent on U.S. regulator approval. Sheehan also sees the company benefiting from "tightening mineral sands supply/demand and stable profitability in TiO2 over the next 12 months", allowing the company to generate $100M of synergies in the first year of the acquisition.
VNTR Venator Materials
$11.75

0.04 (0.34%)

08/01/18
NOMU
08/01/18
DOWNGRADE
Target $13
NOMU
Neutral
Venator Materials downgraded to Neutral from Buy at Nomura Instinet
Nomura Instinet analyst Aleksey Yefremov downgraded Venator Materials to Neutral and lowered his price target for the shares to $13 from $22. Following the company's Q2 results, the analyst sees "significantly increased uncertainty" of Pori rebuild execution as well as TiO2 cycle risks. He finds it difficult to forecast free cash flow "with much confidence" over the next few years due to uncertainty of Pori cash outflows.
08/01/18
BOFA
08/01/18
DOWNGRADE
BOFA
Underperform
Venator Materials downgraded to Underperform from Buy at BofA/Merrill
08/01/18
08/01/18
DOWNGRADE
Target $12

Underperform
Venator Materials double downgraded at BofA/Merrill
As previously reported, BofA/Merrill double downgraded Venator Materials to Underperform from Buy and cut its price target to $12 from $24. Analyst Steve Byrne said TiO2 is near a peak and prices in certain regions have already begun to decline and the outlook for the Pori plant is uncertain as the reconstruction has been delayed and costs continue to increase. The analyst said Venator provided a "murky" financial disclosure and estimates $250M of EBITDA contribution related to insurance proceeds has run out.
08/07/18
BMOC
08/07/18
NO CHANGE
Target $17
BMOC
Outperform
Venator Materials price target lowered to $17 from $23 at BMO Capital
BMO Capital analyst John McNulty lowered his price target on Venator Materials to $17 after its Q2 results came in light of expectations. The analyst also notes the managements indication of slower Pori rebuild due to cost and timing expectations update, along with having better "optionality for cheaper/better tons with the potential Cristal Ashtabula sites". Longer term, McNulty keeps his Outperform rating on Venator, saying the company has "significant upside potential owing to tight titanium dioxide markets, strong free cash flow generation, and a solid balance sheet".

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