Kremsmunster, Austria – Greiner, which is trying to buy control of Recticel, said it believes the European Commission will not quickly agree the purchase. It therefore could walk away from the current offer.
The Commission has to investigate the competition impacts of any mergers or acquisitions that could give a single group or company a large market share in an individual sector. Greiner's proposal to gain control of Recticel falls into that category.
Greiner said that it has been in constructive dialogue with the European Commission. '[We] can no longer be confident that the Commission will clear the case in Phase I… [and] it is more likely that a Phase II investigation will be initiated.'
The EC expects to complete the initial investigation on 24 November, and if it does not approve the deal then, could open Phase II of the process.
Greiner said that if the deal is not approved in Phase I it will decide whether to get involved in the second phase, or walk away from the deal by 11 December 2021.
The company added that it could come back with a different deal later on, if it does decide to walk away from this one.