Schoenherr, working alongside Sullivan & Cromwell, has advised Rhone Capital on its public cash offer for up to 29.9% of the share capital of RHI Magnesita.
The transaction is expected to close in the third quarter of 2023, pending regulatory approval.
Rhone, established in 1996, is a private equity firm with a focus on investments in businesses with a pan-European or transatlantic presence and expansion prospects.
RHI Magnesita is a supplier of high‐grade refractory products, systems, and solutions for high‐temperature processes exceeding 1,200 degrees Celsius in a range of industries, including steel, cement, non‐ferrous metals, and glass. Its registered seat is in the Netherlands, its place of central management is in Austria, and its shares are traded on the London and Vienna stock exchanges.
According to Schoenherr, “the offer document was published on June 19, 2023, following an announcement of the intended transaction on May 30, 2023. Ignite Luxembourg Holdings, a company indirectly managed by Rhone Holdings, is offering to buy up to a 29.9% stake in RHI at GBP 28.50 per share in cash, thereby valuing all of RHI Magnesita at GBP 1.34 billion (approximately EUR 1.57 billion).”
Earlier in 2023, Schoenherr advised Seven Refractories on the EUR 93 million sale of its European, Indian, and US operations to RHI Magnesita (as reported by CEE Legal Matters on May 10, 2023).
The Schoenherr team included Partners Sascha Schulz, Christian Herbst, and Volker Weiss, Counsel Evelin Hlina, Attorney at Law Zurab Simonishvili, and Associates Markus Fasching and Alexandra Gump.
Schoenherr did not respond to our inquiry on the matter.
