As 2009 drew to a close and the stalking horse auction for Tronox Inc., the bankrupt titanium dioxide (TiO2) producer approached, doubts over its takeover by lone bidder Huntsman Corp. grew as revealed by IM industry sources (IM 15 December 2009: Doubts emerge over Tronox sale).
Eventually that proved to be the case with Tronox choosing to restructure its debt and exit the exit Chapter 11 bankruptcy rather than accept Huntsman’s $415m. bid. This would have made the combined unit the world’s second largest producer and in terms of capacity the biggest deal the industry has seen. ...