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Tronox ruling - removing uncertainty for Anadarko

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Report summary

On 12 December 2013 Kerr McGee was found provisionally liable of fraudulent conveyance relating to the 2006 spin out of Tronox and its subsequent bankruptcy. The final liability could range between US$5 billion and US$14 billion. Anadarko which acquired Kerr McGee in 2006 has stated it will appeal. News of the ruling shaved 6.4% (US$2.6 billion) off Anadarko's market value compounding a 12% (US$5.9 billion) fall in the two preceding months.

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    Tronox ruling - removing uncertainty for Anadarko

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Tables and charts

This report includes 4 images and tables including:

Images

  • Evolution of share price vs peer group
  • Benchmark: Market premium to WM base-case
  • Net debt outlook scenarios
  • Benchmark: Gearing ratio (net debt / net debt +SE)

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