New York-based Apollo Global Management has submitted a cash offer to acquire Tronox Holdings, one of the world's largest manufacturers of dyes, for a value of $4.8 billion, according to the company. Reuters sources.
According to Arabiya Net, the offer is valuing the Tronox stock at $27, knowing that the share price before this information was leaked was $20.
The share price jumped to $24 after news of Apollo Global Management's interest in the company.
In 2019, Tronox acquired the titanium dioxide business from the National Titanium Dioxide Company known as Crystal Company, a subsidiary of the Saudi Tasnee Company. Note that Tasnee is the largest shareholder in Tronox with a 24% stake through its subsidiary.
Tronox manufactures titanium dioxide pigment and other chemicals used to add luster and durability to paints, plastics, and paper.
