October 5, 2016 / 10:12 PM / a year ago

BRIEF-Rhi and Magnesita to combine to create a new refractory company

Oct 5 (Reuters) - Rhi AG

* Rhi AG says have reached an agreement to combine the operations of Rhi and Magnesita to create refractory company to be named Rhi Magnesita

* Transaction will be financed by additional debt and issuance of 4.6 to 5.0 million Rhi Magnesita shares to Magnesita’s controlling shareholders

* Rhi expects combined company to generate fully consolidated revenues of 2.6 billion euros to 2.8 billion euros by 2020

* Rhi AG says board has agreed to sign share purchase with Magnesita of a controlling stake of at least 46%

* Rhi AG says purchase price for 46% stake will be paid in cash amounting to 118 million euros and 4.6 million new shares to be issued by Rhi Magnesita

* As result of transaction, Rhi’s mid-term financial targets will surpass Rhi’s current targets as communicated in Rhi’s strategy 2020

* The place of effective management of Rhi Magnesita will be Austria

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