After a failed takeover, the Upper Austrian family company sells its Recticel shares.
The Upper Austrian plastic and foam manufacturer Greiner after the failure of the takeover of its Belgian rival Recticel wants to completely reduce its stake there. Greiner announced that the company had initially reached an agreement with the Belgian investment company Baltisse to sell a 22.6 percent stake in Recticel. had last week Greiner announced that it would definitively abandon the acquisition of Recticel.
The family company from Kremsmünster met with bitter resistance from the Recticel board of directors with its purchase offer worth around 750 million euros. It had secured a 27 percent stake in Recticel’s major shareholder Compagnie du Bois Sauvage (CBS) in advance and was targeting more than 50 percent. The Recticel management sold the technical foams division Greiner was most interested, but with shareholder approval, in its larger US competitor Carpenter Co.
Among other things, Recticel produces insulating materials that Greiner not yet in the program. Greiner has a turnover of almost two billion euros with 11,000 employees.