U.S. Antitrust Waiting Period Ends for Huntsman Purchase of Tronox Assets
The Woodlands, Texas – Huntsman Corporation (NYSE: HUN) today announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (“HSR”) has expired, which is a requirement to close on the asset and equity purchase agreement pursuant to which its wholly-owned subsidiary, Huntsman Pigments LLC, has agreed to acquire certain assets of Tronox and its subsidiaries under Section 363 of Chapter 11 of the U.S. Bankruptcy Code for $415 million, including working capital.
Peter Huntsman, President and CEO of Huntsman Corporation, stated: “We are pleased with the favorable outcome of FTC’s review and that our agreement with Tronox can move quickly to closing upon successful conclusion of the auction process, which we believe will be received favorably by the customers, vendors, employees and other stakeholders of the combined business.”
Huntsman and Tronox continue to work towards completion of comparable approval processes in other jurisdictions.
Tronox and certain of the company’s subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code on January 12, 2009. Huntsman subsequently signed an asset and equity purchase agreement with Tronox to become a “stalking horse” bidder for certain of the company’s assets. A stalking horse bid is a binding proposal for a bankrupt company’s assets from an interested buyer chosen by the bankrupt company, subject to a higher offer through an auction process approved by the bankruptcy court. If Huntsman is ultimately approved by the bankruptcy court as the buyer and the sale is approved, Huntsman’s completion of the proposed acquisition of the assets of Tronox as agreed remains subject to customary antitrust and other regulatory approvals.
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