Merger Update: Tronox / TiZir

CMA update on Merger: Decision not to accept undertakings in lieu:

On 4 January 2021, the CMA decided that it is or may be the case that the following Merger consists of arrangements that are in progress or in contemplation which, if carried into effect, will result in the creation of a relevant merger situation, and that this may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.

ANITICIPATED ACQUISITION BY TRONOX HOLDINGS PLC OF THE TIZIR TITANIUM & IRON A.S.

Pursuant to section 73A(1) of the Enterprise Act 2002 (the Act), on 11 January 2021, Tronox offered undertakings to the CMA (the Proposed Undertakings) that might be accepted by the CMA under section 73(2) of the Act.

Following an assessment of these undertakings, the CMA considers that the Proposed Undertakings are not a clear-cut solution to the competition concerns identified as arising from the Merger.  Accordingly, the CMA has decided not to exercise its discretion under section 73(2) of the Act to accept undertakings in lieu of reference.  Therefore, pursuant to sections 33(1) and 34ZA(2) of the Act, the CMA will proceed to refer the Merger to its chair for the constitution of a group under Schedule 4 to the Enterprise and Regulatory Reform Act 2013 to conduct a phase 2 investigation.

The text of this decision will be placed on the Competition and Markets Authority's web site at https://www.gov.uk/cma-cases as soon as is reasonably practicable.

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