RHI of Austria and Magnesita Refractarios of Brazil have completed the sale of assets required by the European Commission prior to their planned merger. RHI sold its dolomite business comprising production sites in Italy (Marone) and Spain (Lugones). Magnesitas disposed of its EU magnesia-carbon brick plant at Oberhausen in Germany. All assets were sold to INTOCAST Aktiengesellschaft Feuerfest-Produke und Giesßhifsmittel for EUR42.6M, which will be used to reduce the merged company’s debt level.
Roskill view: European approval was required to ratify the sales. The European Commission cleared the merger between RHI and Magnesita back in June 2017, but on the condition that certain operations from both companies be divested.
The new edition of Roskill’s report on magnesium compounds: Magnesium Compounds: Global Industry, Markets and Outlook 2018 will be published in the new year.