June 28, 2017 / 3:31 PM / a year ago

EU conditionally clears Austria's RHI to buy Magnesita Refratarios

BRUSSELS, June 28 (Reuters) - The European Commission on Wednesday cleared Austrian fireproof industrial materials maker RHI to buy Brazil’s Magnesita Refratarios after the company agreed to divest some businesses in Europe.

RHI agreed to divest Magnesita’s activities for unfired magnesite-based refractory products as well as dolomite in the European Economic Area in exchange for the European Union’s competition watchdog agreeing with the deal.

“These commitments fully remove the overlap between RHI and Magnesita in the markets where the Commission had identified competition concerns,” the Commission said in a statement.

In October RHI agreed to take over the Brazilian company in a $500 million deal to create a global player. (Reporting by Robert-Jan Bartunek, editing by Julia Fioretti)

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