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EU approves Huntsman's $1.1 billion buy of Rockwood unit, with conditions

Reuters

BRUSSELS (Reuters) - U.S. chemical maker Huntsman Corp (HUN.N) gained European Union regulatory approval on Wednesday for its proposed $1.1 billion (£683.57 million) takeover of Rockwood Holdings Inc's (ROC.N) titanium dioxide pigment business after agreeing to sell an asset.

Huntsman will become the largest processor of sulphate ores, a key raw material which is also a cheaper alternative to chloride ores, with the deal, making it the number two player in titanium dioxide, behind DuPont (DD.N).

The European Commission said Huntsman pledged to sell its global TR52 business, which is its main titanium dioxide grade used for printing ink applications, to allay competition concerns.

The EU antitrust watchdog said the buyer of the TR52 business would be able to operate a viable business in competition with the merged entity and other companies.

(Reporting by Foo Yun Chee)