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FTC view of market in Tronox-Cristal deal ‘isn't consistent with real world,’ economist testifies

The Federal Trade Commission has defined its market too narrowly in its challenge to the proposed Tronox-Cristal deal, an economist retained by the companies testified Friday, saying the FTC is focusing on just US and Canadian customers in a global industry and improperly excluding some titanium dioxide from its market definition.

Economist Ramsey Shehadeh took the stand at the FTC’s administrative court and blasted the approach and conclusions of the agency’s expert economist in the case, Nicholas Hill. The FTC is alleging the deal will harm...

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