U.K.’s Tronox Jumps Most in 17 Months on Report of Apollo Offer
(Bloomberg) -- Tronox Holdings Plc jumped as much as 24% after Reuters reported that Apollo Global Management Inc. made an offer for the U.K. maker of chemicals, paint and plastics products.
The all-cash, $27-a-share bid values Tronox at $4.3 billion, Reuters said. The London-based company has hired advisers and hasn’t decided on next steps, the outlet reported.
Tronox shares, which trade primarily in the U.S., rose 17% to $23.71 as of 12:43 p.m. in New York. The intraday peak of $25.48 marked their biggest advance since April 2020.
Other companies that produce titanium dioxide, a pigment used in white paints, also gained. In 2015, Apollo examined the feasibility of an offer for Chemours Co., people with knowledge of the matter said at the time.
A spokeswoman for Tronox didn’t immediately respond to request for comment.
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