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Magyar Cement rejects Holcim Hungaria offer of HUF 20bn for property at cement plant

Hungarian cement company Magyar Cement has rejected Holcim Hungaria's mediated offer of HUF 20 billion for property at the Hejőcsabai Cement and Mészművek cement plant in Miskolc (NE) Hungary, Holcim Hungaria Communications Director Irén Márta 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 Hejőcsabai Cement and Mészművek 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.

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