Magyar Cement rejects Holcim Hungaria offer

Magyar Cement rejects Holcim Hungaria offer
Published: 25 March 2011

Hungarian cement company Magyar Cement has rejected Holcim Hungaria’s mediated offer of HUF20bn for property at the Hejocsabai Cement and Meszmuvek cement plant in Miskolc (NE) Hungary, Holcim Hungaria Communications Director Iren Marta told MTI on Wednesday.

Holcim Hungaria, the Hungarian unit of Swiss cement company Holcim, announced in November that it would attempt to purchase the property at Hejocsabai Cement and Meszmuvek after Hungary’s Supreme Court upheld a previous court decision stating that Magyar Cement had ownership rights to property at the plant.

Magyar Cement also rejected Holcim Hungaria’s alternative offer to establish a joint-interest arrangement at the plant.

Ms Marta said that Holcim Hungaria may have to lay off a significant portion of the 150 workers at Hejocsabai Cement and Meszmuvek if the dispute over the property at the plant is not resolved.