Tronox Limited’s $2 Billion Acquisition Of Titanium Dioxide Business

Clifford Chance and AS&H advises leading Saudi chemicals producer Cristal on the completion of its cross border sale of titanium dioxide business to Tronox.

The transaction, with an overall value of over US$2 billion in cash and share consideration involved complex restructurings in various jurisdictions

Clifford Chance and Abuhimed Alsheikh Alhagbani Law Firm have advised National Titanium Dioxide Company (Cristal) in relation to the completed sale of its domestic and international titanium dioxide (TiO2) business to Tronox Limited (Tronox), in return for US$1.673 billion cash and 24% of the shareholding in Tronox. The transaction was completed on 10 April 2019.

Cristal is a subsidiary of Saudi Arabia’s National Industrialization Co. (Tasnee), one of Saudi Arabia’s largest industrial companies, and Tronox is an American chemical company, listed on the New York Stock Exchange.

Cristal operates eight TiO2 manufacturing plants in Australia, Brazil, China, France, Saudi Arabia, the United Kingdom and the United States. Cristal also operates mines in Australia and Brazil, and a research and development centre and a titanium metal powder plant in the United States.

The AS&H team was led by partner Majid Al-Sheikh (Picture), Head of Corporate, who was supported by Rizwan Butt and Abdullah Al-Humaidan. The Clifford Chance team was co-led by partner Sarah Jones and Edmund Boyo who were supported by Yeon Yoon, Katherine Chang and Eugene Hwang and Philip Wagman (partner) and Lauren Clarke.

Involved fees earner: Abdullah Al-Humaidan – Abuhimed AlSheikh AlHagbani (AS&H); Majid Al-Sheikh – Abuhimed AlSheikh AlHagbani (AS&H); Rizwan Butt – Abuhimed AlSheikh AlHagbani (AS&H); Edmund Boyo – Clifford Chance; Katherine Chang – Clifford Chance; Lauren Clarke – Clifford Chance; Eugene Hwang – Clifford Chance; Sarah Jones – Clifford Chance; Philip Wagman – Clifford Chance; Yeon Yoon – Clifford Chance;

Law Firms: Abuhimed AlSheikh AlHagbani (AS&H); Clifford Chance;

Clients: National Titanium Dioxide Company;