Huntsman makes $415M bid for Tronox assets

[August 31, 2009]  NEW YORK (AP) -- Chemical company Huntsman has offered to pay about $415 million for a chunk of titanium dioxide pigment maker Tronox's assets.

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

That means other companies may now submit competing bids for Tronox's assets before a bankruptcy court auction, which will likely take place in the fourth quarter of this year.

The assets Huntsman would acquire include titanium dioxide facilities in the Netherlands and the U.S., a joint venture interest in an Australian operation and electrolytic production facilities in the U.S.

[Associated Press]

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