Eramet: sale process of Tizir Factory ended
(CercleFinance.com) - With Eramet and Tronox Holdings having signed an agreement on 14 May 2020 for the sale, to Tronox, of 100% of the shares of TTI (TiZir Titanium & Iron AS) - TiZir's Norwegian plant - Tronox has just informed Eramet of the unilateral termination of the agreement, thereby interrupting the sale process.
Following the signature of the agreement between both parties, the UK Competition and Markets Authority (CMA) had decided to subject the proposed acquisition to a Phase 2 investigation - unless a satisfactory remedy offer is made by Tronox.
Despite Tronox's proposed remedies, the CMA still decided to subject the proposed acquisition to a Phase 2 investigation. As a result, Tronox has decided not to proceed with the plant's purchase.
The termination of the agreement will ultimately trigger the payment, by Tronox, of a termination fee of 18 million dollars.
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