Has Recktisel finally got everything ready to fend off Austrian fighter Greiner?
Greiner bought Bois Sauvage’s (27%) stake in Recticel in May for €13.50. It happened in complete secrecy, behind Rickettsil’s back.
The fact that Rickettsil and Greiner only spoke to each other once, less than an hour, in all those months makes it clear that Rickettsell doesn’t care about Greiner’s developments. Recticel fears Greiner will split the company and sell the insulation division to Irish Kingspan. Greiner had already teamed up with the Irish – behind the back of Recticel, with whom she was still a joint venture at the time – to get Recticel off the stock exchange.
Recticel made it clear in May that it was not satisfied with the situation and immediately began looking for “strategic alternatives”. This research has been going on for several months now.
The suspension of the stake indicates that Recticel is ready to make a countermove. Was a white knight found to have a higher bid for Recticel?
Or will Recticel take a different path, ditching the company’s technical foam division, and as a result Greiner is no longer interested? In this case, Recticel will continue as a purely solitary player, with the bedding section on display as well.
Or has Recticel found another solution to keep Greiner away?
It is not yet clear when Rickettsil plans to make contact.