EANS-Adhoc: RHI AG / Transaction of the acquisition of magnesite mining rights and existing production facilities in Turkey abandoned

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Mergers - Acquisitions - Takeovers 30.09.2014

The contract signed between Magnesit Anonim Sirketi, a Turkish subsidiary of RHI AG, and the Turkish Cihan Group on April 7, 2014 for the acquisition of a raw material plant and mining rights in Erzurum, Turkey, (see ad hoc release of April 7, 2014) provided for different contractual conditions for the final fulfillment of the transaction (closing).

Although the deadline was repeatedly extended, several of these contractually defined conditions were not met. Consequently, the transaction was not closed at the expiry of the long stop date on September 30, 2014. The RHI Group will not extend the long stop date for the closing again and not pursue the transaction any further.

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(END) Dow Jones Newswires

   September 30, 2014 11:04 ET (15:04 GMT)- - 11 04 AM EDT 09-30-14