Huntsman bids $415 million for certain Tronox assets
August 31, 2009
Huntsman Corporation has bid $415 million for certain assets of Tronox Inc. and its subsidiaries, reported by MarketWatch. Tronox, the Oklahoma City producer of titanium-dioxide pigment, filed bankruptcy to reorganize under Chapter 11 of U.S. bankruptcy law. Huntsman is bidding for its titanium-dioxide facilities in the Netherlands and the U.S., excluding Savannah, Ga.; a 50% joint-venture interest in a titanium-dioxide plant in Australia plus related mining and other operations; and electrolytic production facilities in the U.S. Huntsman''s proposal is a stalking-horse agreement, an initial proposal that serves as a floor bid for an auction in bankruptcy court. The deal is subject to approval by the U.S. Bankruptcy Court for the Southern District of New York.