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Huntsman seeks antitrust clearance for Tronox asset purchase
30
Sep '09
Huntsman Corporation announced that Huntsman and Tronox Incorporated have made the U.S. filings required under the Hart-Scott-Rodino Antitrust Improvements Act (“HSR”) in connection with its recently signed 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. Huntsman and Tronox have already been engaged in discussions with the Federal Trade Commission.

The Huntsman and Tronox HSR filings follow this week's order by the Bankruptcy Court for the Southern District of New York approving the bidding procedures and granting certain benefits and bid protections to Huntsman in its role as stalking horse bidder, including a break-up fee and expense reimbursement.

Huntsman has also initiated 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. 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.

Huntsman Corporation

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