Tronox Is Priced For Near- Bankruptcy, But We Don't Think It Will File
Alpha Gen Capital
Alpha Gen Capital
Tronox - Time To Focus On The Future
Brian Langis • 21 Comments
Brian Langis • 21 Comments
Thu, Jun. 23, 2:02 PM
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Dec. 18, 2015, 11:58 AM
- Chemours (CC +10.7%) shoots higher after announcing late yesterday that it will raise global prices on all its Ti-Pure titanium dioxide grades by $150/metric ton as of January 1.
- Tronox (TROX +14%) followed this morning with its own increase in the global price for all of its titanium dioxide grades by $150/metric ton effective January 1.
- TiO2 player Huntsman (HUN +5.7%) also trades sharply higher.
Dec. 14, 2015, 12:44 PM
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Feb. 3, 2015, 9:41 AM
- Tronox (TROX +10.2%) is nearing a deal to buy the soda-ash business from rival chemical company FMC Corp. (FMC +1.8%) for more than $1.5B, with an announcement coming as soon as today, WSJ reports.
- FMC announced its intention to sell the alkali chemicals business in September when it agreed to acquire a pesticide business from Auriga Industries.
- TROX appears to have prevailed in the auction for the FMC unit over other chemical companies and P-E firms, according to the report.
May 21, 2014, 3:06 PM
- DuPont (DD +0.9%) is considering alternatives to a planned spinoff of its performance chemicals unit, including a Reverse Morris Trust that could create synergies with a potential partner, CFO Nicholas Fanandakis says.
- The CFO’s comments increase the chances DuPont will enter into a Reverse Morris Trust with Tronox (TROX +6%), combining the companies’ titanium dioxide assets, Alembic Global analyst Hassan Ahmed says, calculating that such a deal would almost triple the value of TROX’s net operating losses - which can be applied toward tax obligations - to $1.6B.
Apr. 4, 2014, 11:53 AM
- The settlement between Anadarko and the U.S. government related to the Tronox (TROX +1.9%) environmental clean-up dispute has positive implications for TROX but the fundamental outlook has not changed for the titanium dioxide industry, BWS Financial says.
- The firm is concerned with the potential impact of the slowdown in China's economy on TiO2 exports, and the new TiO2 plant coming online from Cristal provides additional capacity that could put more pressure on prices.
- The catalyst for TROX moving higher has been the expectation that the pricing environment would improve and the company would make an accretive acquisition; the firm thinks the stock is more than fairly priced taking such scenarios into consideration.
Apr. 3, 2014, 2:40 PM
- Anadarko (APC +12.1%) confirms it has entered into a settlement with the plaintiffs in the Tronox (TROX +1.6%) case to resolve all claims against Kerr-McGee, agreeing to pay $5.15B to settle environmental claims left behind when it bought the company for $18B in 2005.
- APC expects to record a gross tax benefit of ~$1.65B associated with the settlement, offset by ~$1.1B in uncertain tax positions, resulting in a net tax benefit of ~$550M.
- The U.S. had initially sought $25B from APC to clean up 2,772 sites and compensate ~8,100 TROX claimants, and a court in December said APC could expect to pay damages as low as $5.2B and as high as $14.2B.
Jan. 14, 2014, 2:37 PM
- Anadarko Petroleum (APC +2.7%) says it should pay no more than $1.76B in damages to Tronox (TROX) creditors for an improper spinoff, not up to $14.5B as a judge ruled last month.
- In a filing yesterday with U.S. Bankruptcy Court in Manhattan, APC challenged parts of a decision made last month that found it liable for $5B-$14.5B, subject to the calculation of how much APC is owed as a creditor in TROX's bankruptcy.
- "The Court's approach... leads to incorrect conclusions for the calculation of damages and is contrary to [its] stated view that the purpose of the applicable law is 'remedial rather than punitive'," APC CEO Al Walker says.
Dec. 30, 2013, 3:41 PM
- Kronos Worldwide (KRO +8.1%) is now back in play for a potential takeover bid, and the death of Harold Simmons - whose estate owned most of Contran Corp., which holds a vast majority of KRO stock - may have opened the door, according to Citi credit analyst James Finnerty.
- One company that might make a run at KRO is Tronox (TROX +0.7%) after raising $1.5B from a term loan issued last March, the analyst speculates.
Dec. 13, 2013, 9:16 AM
Tronox Ltd. engages in the business of exploration of titanium ore and titanium dioxide. It operates through two segments: Mineral Sands and Pigment. The Mineral Sands segment includes the exploration, mining and beneficiation of mineral sands deposits. The company was founded on September 21,... More
Sector: Basic Materials
Country: United States