21 May 2020
- David Lewis, Fiona Coffee, Olivia Higgs, Dan Bomsztyk, Faeezah Tailor, Laurent Schoenstein, Gilles Lebreton, Xavier Petet, Simon Greenberg, Nadia Kalic, Dan Neidle, Edward Page
- London, Paris, Sydney
Clifford Chance advises Eramet on the sale of TiZir Titanium & Iron AS
International law firm Clifford Chance has advised Eramet S.A. ("Eramet"), the French multinational mining and metallurgical group listed on the Euronext Paris exchange, on the sale of TiZir Titanium & Iron AS ("TTI"), an ilmenite transformation plant, for cash consideration of approximately US$300 million
Eramet has announced the sale of 100% of its shares in TTI to Tronox Holdings plc ("Tronox"), a leading vertically integrated producer of high-quality titanium products. Completion of the transaction will enable Eramet to strengthen its balance sheet and continue to focus on developing its mineral sands operations in Senegal and supply TTI with ilmenite for the production of titanium slag and pig iron going forward.
Completion of the transaction is subject to receipt of customary regulatory approvals.
Clifford Chance has a long-standing and close relationship with Eramet, having previously advised the company on the sale of an interest in an Eramet subsidiary to the Chinese steel group Tsingshan and on the development of the Weda Bay Nickel project in Indonesia, one of the largest nickel projects in the world.
The Clifford Chance team was mainly based in London, Paris and Sydney. The Clifford Chance M&A team comprised Corporate Partner David Lewis, Associates Fiona Coffee, Olivia Higgs, Dan Bomsztyk and Faeezah Tailor. Partners Laurent Schoenstein, Gilles Lebreton and Counsel Xavier Petet advised on French corporate matters. Simon Greenberg, mining disputes Partner based in Paris and Nadia Kalic, energy and natural resources Partner based in Sydney, advised on the terms of the long term supply agreement. Dan Neidle and Senior Associate Edward Page advised on tax aspects.