Huntsman, Tronox File For Antitrust Clearance

THE WOODLANDS, Texas (AP) — Chemical company Huntsman Corp. said Friday that required paperwork has been filed with federal officials to get antitrust clearance for its $415 million purchase of Tronox Inc.'s titanium dioxide and electrolytics businesses.

The deal, announced last month, would make Huntsman the world's second-biggest maker of a whitener used in products as diverse as food, plastics and paint.

Texas-based Huntsman said in late August that it signed a "stalking horse" agreement with Oklahoma City-based Tronox, which filed for bankruptcy protection in January.

A stalking horse bid is a binding proposal for the assets of a company in bankruptcy from an interested buyer chosen by the company in bankruptcy, 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.

The companies have now made the U.S. filings required under the Hart-Scott-Rodino Antitrust Improvements Act. Huntsman and Tronox have already been engaged in discussions with the Federal Trade Commission.

Shares of Huntsman fell 26 cents, or 2.8 percent, to close at $8.92.