The shareholders of Austria based RHI approved on Friday a merger with Brazilian refractories producer Magnesita Refratarios, according to various document filings.
A filing at Brazil’s securities exchange commission, CVM, on Monday said 99.7 percent of RHI approved the deal in Vienna, Austria.
Under the terms of the merger, RHI and Magnesita will merge into a new company, RHI Magnesita, headquartered in the Netherlands.
“The shareholders’ decision paves the way for a new, powerful company, which leads the global refractories market and also drives it with its innovations,” said Stefan Borgas, the CEO of RHI Magnesita.
Under the terms of the merger, RHI-MAG N.V. will become the group holding company.
“Completion of the acquisition by RHI-MAG N.V. of a controlling interest in Magnesita Refratários S.A. is scheduled to occur shortly after the merger becomes legally effective and after the ordinary shares of RHI-MAG N.V. (represented by Depositary Interests) have been admitted to listing on the Premium Segment of the London Stock Exchange,” RHI said.
According to RHI, the new company will be managed by a “European-Brazilian management team in Vienna.”