Brussels – The proposed purchase of control of Recticel by Greiner has been referred to the European Commission's Competition Directorate as part of the normal takeover process.
The Competition Directorate will decide if it is in the public interest for Greiner to take control of Recticel, and what such a merged company would have to do to be acceptable to the competition authority.
Greiner has gained an agreement with Companie de Bois Sauvage to buy 27% of the shares in Recticel, and has launched a voluntary public offer for the remainder as it tries to gain control.
Meanwhile, Recticel has agreed to sell its technical foams business to Carpenter, giving the US company greater access to the European market.
The Carpenter-Recticel deal has yet to be approved by shareholders. If that deal goes ahead, Recticel will concentrate on its rigid foam business, and may give money back to its shareholders.