Cristal, which is 66% owned by Tasnee, announced on February 26 that it was to acquire Millennium Inorganic Chemicals TiO2 from Lyondell. The deal, worth $1.2 billion, is the biggest acquisition of a US company by a Saudi concern and is another example of the growing trend of emerging market companies buying rivals in the developed world. The Cristal deal includes a cash payment of $1.05 billion and estimated after-tax proceeds are $975 million. A mixture of equity and bank loan will raise the necessary funds.
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