Posted on the 05-15-2019
WYNYARD, UK, May 14, 2019 /PRNewswire/ -- Venator Materials PLC ("Venator") (NYSE: VNTR) today announced it has commenced a lawsuit in Delaware Superior Court against Tronox Limited. In the lawsuit, which arises from Tronox's refusal to honor its contract to pay a $75 million "Break Fee" to Venator upon conditions which have now been met, Venator seeks a judgment for $75 million, plus pre- and post-judgment interest, and its reasonable attorneys' fees and costs.
Simon Turner, President and CEO of Venator, commented: "It is unfortunate that Tronox has failed to honor its contract with Venator and offers baseless excuses for its refusal to perform. Venator at all times acted in good faith during its negotiations with Tronox. For example, with Tronox's consent, Venator met with the FTC to make a presentation on its proposed acquisition of Ashtabula. While Venator was preparing to further respond to the issues raised by the FTC, Tronox abruptly terminated discussions with Venator to pursue an alternative transaction. Having sold the business to a buyer other than Venator, Tronox must now pay the Break Fee."