Recticel jumps as unit divestment green light further thwarts Greiner's hostile bid

Recticel SA

07/12/2021 08:15

** Shares in Belgian plastics company Recticel  RECT.BR 
jump 4.7% after its shareholders approved a move to sell its
engineered foams business to U.S.-based Carpenter Co. 
    ** Carpenter had submitted a binding offer in Oct., based on
an enterprise value of 656 million euros ($740.36 mln)
    ** "An important hurdle is now out of the way for the
company to become an insulation pure-play," says Berenberg
analyst Christoph Greulich
    ** The move by Recticel aims to thwart a hostile takeover
attempt by unlisted family-owned Austrian plastics group Greiner
 urn:newsml:reuters.com:*:nL8N2R33MG 
    ** Greiner had planned to buy a 27% stake from Compagnie du
Bois Sauvage  CBOS.BR  - Recticel's top investor - for 13.50
euros each
    ** "The tender offer by Greiner anyway was highly unlikely
to succeed given the low bid price which significantly
undervalues the group, in our view", Greulich adds
    ** Compagnie du Bois Sauvage had opposed the sale of the
engineered foams division but said it respects the decision
 urn:newsml:reuters.com:*:nFWN2SR0XH  


($1 = 0.8861 euros)

 (Reporting by Diana Mandiá and Sarah Morland)
 ((diana.mandiaalvarez@thomsonreuters.com,
sarah.morland@thomsonreuters.com))