TiZir Limited ('TiZir ' or the 'Company') owns 90% of the Grande Côte mineral sands operation ('GCO') inSenegal ,West Africa and 100% of the TiZir Titanium & Iron ilmenite upgrading facility ('TTI'), in Tyssedal,Norway .TiZir is owned byEramet and consolidated in the Group's accounts sinceJuly 1st, 2018 .Eramet andTronox Holdings plc . ("Tronox ") signed an agreement on14 May 2020 for the sale of 100% of the shares of TTI (TiZir Titanium & Iron AS , "TTI"),TiZir's Norwegian plant, toTronox . As announced to the market onJanuary 4th, 2021 , theUK Competition and Markets Authority ("CMA") decided to refer the proposed acquisition to a Phase 2 investigation unless an offer of satisfactory remedies is made byTronox .Eramet has learned today that, despiteTronox's proposal of substantial remedies, the CMA has decided to refer the proposed acquisition to a Phase 2 investigation. Following the CMA's decision,Tronox gaveEramet notice unilaterally terminating its agreement to acquire the TTI business which subsequently stops the sale process. This termination will trigger the payment byTronox of aUSD 18 million break fee. TheEramet press release is available at www.eramet.com.
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