Anadarko, Tronox trial halted for settlement talks
(Reuters) - The trial between oil and gas producer Anadarko Petroleum (APC.N) and paint materials company Tronox Inc (TROX.N) has been adjourned for one week so the two companies can work toward a settlement, according to a court filing.
The two companies are locked in a $25 billion court battle over environmental liabilities related to the spinoff of Tronox from Kerr-McGee Corp, which was purchased by Anadarko.
Tronox, which emerged from bankruptcy in 2011, makes titanium dioxide used in paints and has argued its spinoff was fraudulent because of environmental liabilities that made the company insolvent.
It has said Anadarko should pay for environmental clean-up at more than 2,000 polluted sites in the United States. It is seeking $15 billion in assets and $10 billion in interest payments from Anadarko.
Shares of Anadarko climbed 2.8 percent to $68.46 after the news that the trial was halted. Tronox shares were trading at $106.06 up 0.8 percent.