Riyadh – Mubasher: Saudi Arabia-based, National Industrialization Company (Tasnee) said that the US-based Federal Trade Commission (FTC) objected to complete Tronox proposed acquisition on Tasnee’s subsidiary, Cristal.
“Cristal and Tronox continue to believe the transaction is pro-competition and intend to investigate all options for bringing the proposed acquisition to a successful close,” according to Tasnee’s statement on Wednesday to the Saudi Stock Exchange (Tadawul).
Cristal is a 79% unit of Tasnee.
In February 2017, Tasnee's Cristal signed a SAR 6.27 billion agreement to sell the company's assets inside and outside the Kingdom to chemical company Tronox Ltd (TROX.N).
By 2:03 pm KSA time, Tasnee's stock fell 6.54%, reaching SAR 14.30.
