Issue 18/2018 - US court blocks Teno from acquiring Coster

The U.
S.
District Court for the District of Columbia decided on September 6 to issue a preliminary injunction to block Tronox's acquisition
of Saudi Arabia-based titanium dioxide producer Cristal.

Teno said the acquisition is aimed at increasing the supply of titanium dioxide to North American customers, allowing Teno to succeed in the highly competitive global market; The company expressed disappointment with the court's decision and intends to appeal
immediately.
While seeking appeal, Teno will proceed to divest two of Coste's titanium dioxide production sites in Ashtabura, Ohio, selling them to Venator Materials for
$1.
1 billion.
In July, Teno and Venator reached a binding memorandum of understanding stipulating that if Teno completes its acquisition of Coster, it will need to divest Ashtabura's related assets and the two sides will negotiate
a definitive agreement.