Amiantit gets European Commission’s approval letter for Hobas JV

Saudi Arabian Amiantit Co. said it received on Thursday the European Commission’s letter of approval for the acquisition of joint control over Hobas Europe of Austria by Wietersdorfer of Austria and Amiantit.

Under the agreement, Amiantit’s European pipe manufacturing and sales companies and its Flowtite technology will be merged with WIG, also known as Hobas.

Earlier this week, the European Commission – which is entrusted to clear business mergers within its jurisdiction – announced the approval on its website, Argaam reported.

Under the JV agreement, closing the deal along with its legal requirements should be completed by Q3 this year.