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.
Table of contents
- Executive summary
- Tronox bankruptcy
- Top quartile outlook; but portfolio management may be required
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Appendix
- Kerr-McGee and Tronox history
Tables and charts
This report includes 4 images and tables including:
- 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)
What's included
This report contains:
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