Into the next round, and the tone is becoming sharper: in the takeover battle for polyurethane specialist Recticel (Brussels / Belgium; www.recticel.com), the company’s management board and CEO Olivier Chapelle once again rejected the “unwelcome” takeover offer from Austria’s Greiner (Kremsmünster; www.greiner.at – see Plasteurope.com of 20.10.2021). Furthermore, Recticel officials have explicitly advised shareholders against selling their stakes to the Austrian company.

The Belgian company said a further examination of the facts showed that the offer from Greiner is not in the interests of the parties involved and significantly undervalues Recticel’s economic strength.

Greiner submitted a takeover offer for all the outstanding Recticel share certificates back in May and then made it official in October. Recticel said it plans to sell the Engineered Foams unit, its largest division, to US competitor Carpenter (Richmond, Virginia; www.carpenter.com). Decisions on both issues are expected to be taken at Recticel’s extraordinary shareholders’ meeting scheduled for early December.