Tronox Holdings plc / TiZir Titanium and Iron merger inquiry

The CMA investigated the anticipated acquisition by Tronox Holdings plc of TiZir Titanium and Iron A.S.

From:
Competition and Markets Authority
Published
2 November 2020
Last updated
26 February 2021 — See all updates
Case type:
Mergers
Case state:
Closed
Market sector:
Mineral extraction, mining and quarrying
Opened:
2 November 2020
Closed:
18 January 2021

Statutory timetable

Date Action
26 February 2021 Decision published
4 January 2021 Decision announced
16 December 2020 Initial enforcement order
4 November 2020 Launch of merger inquiry
2 November to 13 November 2020 Invitation to comment

Phase 1

Merger to be abandoned

18 January 2021: Tronox has announced that it is to abandon its proposed purchase of TiZir Titanium and Iron. The CMA will now not refer the deal for an in-depth Phase 2 investigation, subject to appropriate assurances from the parties that the transaction has been abandoned (which have now been received).

Undertakings rejected

18 January 2021: Following an assessment of the undertakings offered by Tronox, the CMA considers that the 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 Enterprise Act 2002 to accept undertakings in lieu of reference. The CMA will proceed to refer the Merger to a phase 2 investigation.

Reference unless undertakings accepted

4 January 2021: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.

Initial enforcement order

16 December 2020: The CMA served an initial enforcement order under section 72(2) of the Enterprise Act 2002 on Tronox Holdings plc, Tronox Titanium Holdings A.S. and TiZir Titanium & Iron A.S. in relation to the anticipated acquisition by Tronox Holdings plc of TiZir Titanium & Iron A.S.

Launch of merger inquiry

4 November 2020: The CMA announced the launch of its merger inquiry by notice to the parties.

Invitation to comment: Now closed

2 November 2020: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

These comments should be provided by the deadline set out above.

Contact

Please send written representations about any competition or public interest to:

general.enquiries@cma.gov.uk

Published 2 November 2020
Last updated 26 February 2021 + show all updates

  1. The full text decision to reject undertakings and the phase 1 decision have been published.

  2. Tronox has announced that it is to abandon its proposed purchase of TiZir Titanium and Iron.

  3. Undertakings rejected. CMA will proceed to refer the Merger to a phase 2 investigation.

  4. Initial enforcement order published.

  5. The CMA has decided, on the information currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.

  6. Launch of merger inquiry announced.

  7. First published.