Home / Knowledge / News / Textiles / HSR waiting period ends for Huntsman purchase of Tronox Assets
HSR waiting period ends for Huntsman purchase of Tronox Assets
04
Nov '09
Huntsman Corporation 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.

Huntsman Corporation


Must ReadView All

Plan under way to revive Egypt's state-run textile firms

Textiles | On 20th Oct 2018

Plan under way to revive Egypt's state-run textile firms

Egyptian minister for the public enterprise sector Hisham Tawfiq...

Myanmar asks garment units to set up skill testing centres

Apparel/Garments | On 20th Oct 2018

Myanmar asks garment units to set up skill testing centres

Myanmar’s ministry of labour, immigration and population has asked...

Results of Cameroon transgenic cotton trials by 2018 end

Textiles | On 20th Oct 2018

Results of Cameroon transgenic cotton trials by 2018 end

Cameroon’s national cotton development company Sodecoton will...

Interviews View All

Top executives, Fashion houses, India

Top executives
Fashion houses, India

With technology, it has become easier to ensure IPR

Headhonchos, Indian fashion industry

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Headhonchos, Indian fashion industry

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Akshat Chaudhary,

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Urmil Arya,

Urmil Arya

Sushila International, a well established textile organisation established ...

Rikesh Mistry,

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Paolo Ocleppo, Sandvik Hyperion

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Johan Berlin, Investkonsult Sweden AB

Johan Berlin
Investkonsult Sweden AB

Investkonsult Sweden AB are consultants in the nonwoven and absorbent...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search