Two Australian firms are playing a key role in Huntsman Chemical’s US$415m (A$497m) takeover attempt of Tronox – one of the most significant transactions in the global titanium dioxide market.

Corrs Chambers Westgarth is acting for Huntsman in its bid to acquire pigment producer Tronox, which is being represented by Clayton Utz. Tronox boasts the world’s largest integrated titanium minerals production and manufacturing venture, the Tiwest joint venture.

The deal, which is a stalking-horse bid under chapter 11 of the United States Bankruptcy Code, is a global transaction involving the acquisition of Tronox assets in Australasia, Europe and the US.

Vinson & Elkins’ Houston and New York offices are also advising Huntsman on the deal while Kirkland & Ellis’ New York office is acting as counsel to the debtors of Tronox.

Byron Koster Corrs’ lead partner on the deal said that although the deal has some way to go to completion, he is confident that they will achieve the right results.