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Hengeler Mueller Advises Greiner on European Merger Control for Recticel Takeover

Hengeler Mueller Advises Greiner on European Merger Control for Recticel Takeover

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Hengeler Mueller is advising Austria's Greiner on obtaining the European Commission's merger control approval in relation to its conditional voluntary public takeover offer to acquire a majority of Recticel shares, which was officially announced on October 06, 2021.

According to Hengeler Mueller, Greiner "had agreed to acquire Compagnie du Bois Sauvage's entire stake of 27.03% in Recticel at a price of EUR 13.50 per share," in May this year. Following the recent announcement, October 14, 2021 marked "the beginning of the initial acceptance period for Austrian Greiner AG's conditional voluntary takeover offer for Belgian Recticel." Greiner's offer values Recticel at close to EUR 1.2 billion enterprise value. 

According to the Greiner announcement, the offer "is subject inter alia to a 50% acceptance condition (including the Compagnie du Bois Sauvage stake to be acquired by Greiner) and to the obtaining of regulatory Phase I approvals from competent merger control authorities in the European Union and other relevant jurisdictions. To date, Greiner has already received competition authority approvals in Serbia and Turkey and has submitted its filing in Morocco."

Family-owned company Greiner is a plastics and foam solutions supplier active in 34 countries. Recticel is an international industrial supplier of engineered foams, thermal insulation, and bedding products. The two companies were previously involved in the Eurofoam joint venture, founded in 1992, which Greiner fully acquired last year (as reported by CEE Legal Matters on April 14, 2020).

The Hengeler Mueller team is being led by Brussels-based Partner Markus Roehrig.