GREINER
European competition authorities could subject Recticel takeover to in-depth review
Is the planned acquisition of polyurethane specialist Recticel (Brussels / Belgium; www.recticel.com) by Greiner (Kremsmünster / Austria; www.greiner.at) on the brink of collapse? From the looks of it, European Commission competition regulators seem unwilling to give the takeover their go-ahead just yet. Furthermore, it appears that the EU may even be considering subjecting the transaction, which Recticel has repeatedly classified as “undesirable”, to a more in-depth Phase 2 examination under competition law. Greiner itself said it expects such an investigation to take place.

The Austrian firm said it is conducting a “constructive dialogue” with the European Commission, noting that it seems “unlikely” that the EU approval would be granted immediately and a Phase 2 investigation could be avoided through an “economically appropriate package of remedies”, which means the sale of parts of the company that are relevant under competition law before or after the merger. Should the in-depth review occur – the current Phase 1 investigation is set to end on 24 November 2021 – Greiner said it intends to “review” its position.

A review by the EU Commission is not the only thing that could torpedo the planned takeover. At a special shareholder meeting on 6 December, Recticel investors are expected to vote on the sale of its largest business unit, Engineered Foams, to US competitor Carpenter (Richmond, Virginia; www.carpenter.com). If this deal goes through, Greiner could withdraw its purchase offer as it is targeting this division in particular.

Greiner submitted a takeover offer for all outstanding Recticel shares in May 2021, and made the bid official in October. The deadline for accepting this offer is mid-December. Recticel’s management has already explicitly advised its shareholders against selling their shares to the company (see Plasteurope.com of 05.11.2021).
17.11.2021 Plasteurope.com [249025-0]
Published on 17.11.2021
Greiner: Recticel-Übernahme könnte eingehend geprüft werdenGerman version of this article...

© 2001-2022 Plasteurope.com  |  Imprint  |  Privacy  |  Cookie settings

Plasteurope.com is a business information platform for the European plastics industry. It is part of KI Kunststoff Information and PIE Plastics Information Europe, one of the leading content providers for the European plastics industry. We offer daily updated business news and reports, in-depth market analysis, polymer prices and other services for the international plastics industry, including a suppliers guide, career opportunities, a trade name directory and videos.

News | Polymer Prices | Material Databases | Plastics Exchange | Suppliers Guide | Jobs | Trade Names | Videos | Associations & Institutions | Register | Advertising

PIE – Plastics Information Europe | KI – Kunststoff Information | KunststoffWeb | Plastics Material Exchange | Polyglobe | K-Profi
© 2001-2022 by Plasteurope.com, Bad Homburg
Date of print: 07.07.2022 00:11:16   (Ref: 726697241)
Text and images are subject to copyright and other laws for protection of intellectual property.
Any duplication or distribution in any media as a whole or in parts requires prior written approval by Plasteurope. URL: http://www.plasteurope.com/news/detail.asp