Several major titanium dioxide companies in the world are trying to restructure their assets to promote Tronox's $2.4 billion acquisition of Cristal, which is probably the last major consolidation in the titanium dioxide industry.
Western countries' titanium dioxide industry has been integrated into five major companies - Chemu, Tenova, Venator, Koster and Kronos Worldwide. According to Venator's investor report released in June 2018, this accounted for 54% of global titanium dioxide production capacity. about.
In order to obtain approval from the US and EU regulators for the acquisition of the Koster Titanium Dioxide business, Teno is conducting two separate transactions to divest some assets to the UK's Venator. In the United States, Tenova has signed a memorandum of understanding to Coase Two sets of titanium dioxide units with a total capacity of 245,000 tons/year in Ashtabula, Ohio, are sold to Venator. Ashtabula is Kostrom's only production facility in the United States and the world's largest producer of titanium dioxide.
In the option-style transaction, Teno will have the right to ask Venator to acquire the Ashtabula Titanium Dioxide Factory in case the US releases a preliminary ban on the acquisition of Koster. Teno said that the price of Venator's acquisition of Ashtabula Titanium Dioxide Plant will depend on Teno's progress in the US approval process for the Koster acquisition.
Analysts generally agree with Teno's approach. "We believe this is a positive move that has eliminated some of the uncertainty in the deal and the stock." Wells Fargo analyst Frank. Mickey said, "Previously conservative estimates of Tenova's trading income is about 800 million US dollars. If Teno sells Ashtabula titanium dioxide factory to Venator for 1.1 billion US dollars, it will be about 3.5 times of tax depreciation and amortization profit (EBITDA) The acquisition of the remaining assets of Koster. For Teno, this will be a huge victory, to acquire most of the Koster assets at such a low valuation to further consolidate its titanium dioxide business. For Venator, the deal also It’s a good deal because it’s got a major titanium dioxide asset.â€
Hassan, an analyst with Alanbic Global Consulting. Ahmad pointed out: "We believe that this announcement is a win-win for all parties involved, and the market prefers certainty, which provides a clear path for Teno to complete the acquisition of Koster."
If Venator successfully purchases Ashtabula assets, Kronos may also participate in the reshuffle of industry assets. "If the Ashtabula asset transaction is going to take place, Venator will have to go through the antitrust process because it is the 50% equity owner of the Lake Charles Chloride Titanium Factory in the US. If the acquisition is successful, Kronos will be interested in buying Venator in Lake Charles Chlorine. 50% stake in Titanium Dioxide Factory,†said Wells Fargo analysts.
In a separate transaction, Teno has signed a definitive agreement to sell its 8120 paper laminate grade titanium dioxide business to Venator for an undisclosed amount. The European Commission said in early July that it had approved Teno’s acquisition of Koster on the condition that Teno divested a business. Teno has sold its titanium dioxide business for paper laminates worldwide. The EU said that after this part of the business of Teno, its acquisition agreement with Koster will no longer cause competition concerns.
Western countries' titanium dioxide industry has been integrated into five major companies - Chemu, Tenova, Venator, Koster and Kronos Worldwide. According to Venator's investor report released in June 2018, this accounted for 54% of global titanium dioxide production capacity. about.
In order to obtain approval from the US and EU regulators for the acquisition of the Koster Titanium Dioxide business, Teno is conducting two separate transactions to divest some assets to the UK's Venator. In the United States, Tenova has signed a memorandum of understanding to Coase Two sets of titanium dioxide units with a total capacity of 245,000 tons/year in Ashtabula, Ohio, are sold to Venator. Ashtabula is Kostrom's only production facility in the United States and the world's largest producer of titanium dioxide.
In the option-style transaction, Teno will have the right to ask Venator to acquire the Ashtabula Titanium Dioxide Factory in case the US releases a preliminary ban on the acquisition of Koster. Teno said that the price of Venator's acquisition of Ashtabula Titanium Dioxide Plant will depend on Teno's progress in the US approval process for the Koster acquisition.
Analysts generally agree with Teno's approach. "We believe this is a positive move that has eliminated some of the uncertainty in the deal and the stock." Wells Fargo analyst Frank. Mickey said, "Previously conservative estimates of Tenova's trading income is about 800 million US dollars. If Teno sells Ashtabula titanium dioxide factory to Venator for 1.1 billion US dollars, it will be about 3.5 times of tax depreciation and amortization profit (EBITDA) The acquisition of the remaining assets of Koster. For Teno, this will be a huge victory, to acquire most of the Koster assets at such a low valuation to further consolidate its titanium dioxide business. For Venator, the deal also It’s a good deal because it’s got a major titanium dioxide asset.â€
Hassan, an analyst with Alanbic Global Consulting. Ahmad pointed out: "We believe that this announcement is a win-win for all parties involved, and the market prefers certainty, which provides a clear path for Teno to complete the acquisition of Koster."
If Venator successfully purchases Ashtabula assets, Kronos may also participate in the reshuffle of industry assets. "If the Ashtabula asset transaction is going to take place, Venator will have to go through the antitrust process because it is the 50% equity owner of the Lake Charles Chloride Titanium Factory in the US. If the acquisition is successful, Kronos will be interested in buying Venator in Lake Charles Chlorine. 50% stake in Titanium Dioxide Factory,†said Wells Fargo analysts.
In a separate transaction, Teno has signed a definitive agreement to sell its 8120 paper laminate grade titanium dioxide business to Venator for an undisclosed amount. The European Commission said in early July that it had approved Teno’s acquisition of Koster on the condition that Teno divested a business. Teno has sold its titanium dioxide business for paper laminates worldwide. The EU said that after this part of the business of Teno, its acquisition agreement with Koster will no longer cause competition concerns.
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