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European Commission OKs Amiantit, Austrian Hobas JV

European Commission OKs Amiantit, Austrian Hobas JV
This merger aims to establish a joint venture between Amiantit’s European pipe manufacturing and sales entities with Hobas’ group of entities in Europe
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Riyadh – Mubasher: The European Commission specialised in business mergers approved the joint venture (JV) agreement between Saudi Amiantit Group and Austria-based WIG Wietersdorfer Holding GmbH (Hobas), according to a statement.

This merger aims to establish a joint venture between Amiantit’s European pipe manufacturing and sales entities with Hobas’ group of entities in Europe.

The Saudi and Austrian firms are specialised in selling and manufacturing pipe-systems and related accessories.

“The formal closing of the deal entails several legal steps, which are expected to be completed over the third quarter of 2017,” according to the Saudi group’s statement to the Saudi Stock Exchange (Tadawul).