News Releases

Baker Botts Represents Contran Corporation in Sale of Subsidiary Titanium Metals Corporation to Precision Castparts Corporation

Release

 

DALLAS, January 25, 2013 -- On December 20, 2012, Contran Corporation majority-owned subsidiary, Titanium Metals Corporation, was acquired by Precision Castparts Corporation pursuant to a negotiated cash tender offer commenced under a merger agreement between Timet and PCC and a related support agreement between Contran and PCC.

The aggregate value of the transaction was approximately $2.9 billion. The transaction resulted in multiple lawsuits in both Delaware and Texas courts. The Delaware state court litigation was settled on a disclosure only basis shortly before the consummation of the tender offer. The transaction was subject to both HSR approval and approval by the European Commission under applicable antitrust rules.

Timet is the largest independent titanium manufacturer in the United States with principal customers in the aerospace and defense end markets. PCC is a worldwide, diversified manufacturer of complex metal components and products.

Baker Botts represented Contran Corporation and Timet in the transaction.

About Baker Botts L.L.P.
Baker Botts is an international law firm with over 725 lawyers and a network of 14 offices around the globe. Based on our experience and knowledge of our clients’ industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Throughout our 172-year history, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit www.bakerbotts.com.