EANS-Adhoc: RHI AG / RHI is on the verge of acquiring magnesite mining rights including existing production facilities in Turkey

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Mergers - Acquisitions - Takeovers 19.08.2013

The Supervisory Board of RHI AG today granted the Managing Board approval to sign agreements with Cihan Group for the purchase of mining rights in Erzurum, Turkey, including existing production facilities, pending the provision of outstanding documents by the seller. The expected purchase price amounts to roughly EUR 36 million. After the agreements are signed, the purchase will still require the approval of the civil court of first instance and the competent administrative authorities in Turkey. The planned purchase will serve to further expand the company's own supply of raw materials for refractory products for the steel and cement industry.

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(END) Dow Jones Newswires

   August 19, 2013 13:21 ET (17:21 GMT)- - 01 21 PM EDT 08-19-13