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Tronox: In the End Game

Worth Watching: 11 Dec 2018, 9:34 AM ET - Tronox (TROX: B3/B-) received another unfavorable ruling in its long-standing dispute with the Federal Trade Commission (FTC). The Judge overseeing the Part 3 proceedings ruled in the FTC's favor and agreed that Tronox' acquisition of Cristal w ..

Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.
Focused

Tronox: Selling Ashtabula to Ineos

Worth Watching: 07 Dec 2018, 11:18 AM ET - Tronox (TROX: B3/B-) announced its intention to sell the Ashtabula facility to Ineos for $700 million, which is down considerably from the $900 million - $1.1 billion price offered by Venator (Tronox: Divesting Ashtabula Facility to Venator?). ..
Focused

Tronox: Re-Domiciling in the U.K.

Worth Watching: 27 Nov 2018, 12:01 AM ET - Tronox formally announced its intention to re-domicile in the U.K. The company pointed toward the elimination of the dual-class share structure, the potential for a more efficient organizational and legal structure, and greater ability to repur ..
Focused

Tronox 3Q18: Finds A New Partner

Earnings Note: 07 Nov 2018, 5:19 AM ET - Tronox is in discussions with an unnamed chemical company regarding the divestiture of Ashtabula. The company is not exposed to the TiO2 industry, which should alleviate the FTC's concerns about market power. 

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 
Focused

Tronox: Judge Grants FTC's Preliminary Injunction

Worth Watching: 06 Sep 2018, 10:35 AM ET - Tronox (TROX: B3/B-) received an unfavorable decision from the U.S. District Court for the District of Columbia regarding the company's pending acquisition of Cristal. The Court granted the preliminary injunction, which prevents Tronox from clo ..
Focused

Tronox: EU Commission Grants Final Approval

Worth Watching: 20 Aug 2018, 6:10 PM ET - Tronox (TROX: B3/B-) received final approval from the European Commission for the pending Cristal acquisition. The European Commission determined that Venator was an acceptable purchaser of the 8120 paper laminate product grade sold by Tronox in ..
Focused

Tronox vs. Federal Trade Commission: Day 3 Recap

Worth Watching: 13 Aug 2018, 1:00 PM ET - Tronox vs. Federal Trade Commission trial wrapped up with closing statements from both the FTC and Tronox, which were essentially summaries of the testimonies and arguments made over the previous two days. The FTC's closing statements large ..
Focused

Tronox vs. Federal Trade Commission: Day 2 Recap

Earnings Note: 10 Aug 2018, 4:58 AM ET - The 2nd day of the case between Tronox and the FTC included expert testimony from economists Nicholas Hill and Ramsey Shehadeh as well as testimony from Tronox CEO Jeff Quinn.
Focused

Tronox vs. Federal Trade Commission: Day 1 Recap

HY Note: 09 Aug 2018, 5:15 AM ET - The 1st day of the preliminary injuction hearing between Tronox and the FTC included opening statements from both sides and witness testimony from PPG's Director of Raw Material Sourcing and an EVP from Kronos.
Focused

Tronox 2Q18: The Peak or Not the Peak

Earnings Note: 02 Aug 2018, 11:17 PM ET - Despite numerous industry participants calling the peak of the cycle, Tronox believes that the industry is in a temporary lull. We affirm our Outperform recommendation on our view that the Cristal acquisition will ultimately be approved.
Focused

Tronox: Divesting Ashtabula Facility to Venator?

Worth Watching: 16 Jul 2018, 9:14 PM ET - Tronox (TROX: B3/B-) announced that it has entered into a definitive agreement to divest its European 8120 paper-laminate product grade to Venator, which should result in the European Commission's approval of the Cristal acquisition (Tronox: FTC ..
Focused

Tronox: FTC Sues in Federal Court

Worth Watching: 10 Jul 2018, 9:38 PM ET - Tronox (TROX: B3/B-) released a press release noting that the Federal Trade Commission (FTC) filed a complaint against the company in U.S. District Court in the District of Columbia related to the pending acquisition of Cristal. Recall that the ..
Focused

Tronox 1Q18: Fresh Eyes at the FTC

Earnings Note: 10 May 2018, 10:06 PM ET - Although Tronox continues to make headway with European regulators regarding the Cristal acquisition, negotiations with the FTC remain difficult. However, the new FTC Commissioners could have a different take on the transaction.

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 
Focused

Tronox: 8Yr, NC3 Notes Price Wide at 6.5%

Worth Watching: 27 Mar 2018, 10:21 PM ET - Tronox (B3/B-) 8-year, NC3 senior unsecured notes priced at 6.5%, wide to the initial price talk of 6.375%. As we mentioned in our initial piece (Tronox: Issuing 8-Yr, NC3 Sr Unsec Notes), Tronox was facing an uphill battle in attempting to issue ..
Focused

Tronox: Issuing 8-Yr, NC3 Sr Unsec Notes

HY Note: 27 Mar 2018, 11:07 AM ET - Tronox is issuing $615mn of 8-yr, NC3 notes despite the substantial uncertainty surrounding its acquisition of Cristal. We affirm our Outperform on Tronox as we think asset sales will ultimately appease the regulators.

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..

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