Vesuvius shares surge 28% after the board confirms RHI Magnesita's £1.37bn takeover proposal is under consideration

From the Newshound archive · first published 29 September 2026.

Vesuvius shares climbed as much as 28% on Tuesday morning after the British refractory products group announced that its board is actively weighing a cash-and-shares takeover offer from Austrian rival RHI Magnesita that puts the company's value at roughly £1.37 billion. Lodged on August 27, the proposal combines 470 pence in cash with a share component of roughly 0.028 new RHI shares per Vesuvius share, coming to 549 pence per share based on RHI's closing price on Monday. RHI Magnesita must by October 27 either announce a firm intention to bid or walk away. The approach is the latest step in a pursuit that began in September 2025.

Cevian Capital, Vesuvius's largest shareholder at a stake of around 23%, has committed irrevocably to back the proposal if the Vesuvius board recommends it.

RHI's opening approach, made in September 2025 at 448 pence per share, was followed by several further proposals before the company was granted due diligence access in March 2026.