Insight

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.

What's included

This report contains

  • Document

    Tronox ruling - removing uncertainty for Anadarko

    PDF 500.34 KB

Table of contents

  • Executive summary
  • Tronox bankruptcy
  • Top quartile outlook; but portfolio management may be required
    • Kerr-McGee and Tronox history

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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