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    REC   BE0003656676

RECTICEL

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Real-time Euronext Bruxelles  -  05/23 10:53:25 am EDT
18.04 EUR   +1.23%
05/05UK's Competition Watchdog to Probe Carpenter's Acquisition of Recticel's Foams Business
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05/02Recticel Completes $173 Million Trimo Acquisition
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05/02RECTICEL : completes the acquisition of the insulated panel specialist Trimo
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Recticel shares jump after investor vote hampers rival's hostile bid

12/07/2021 | 07:49am EDT

Dec 7 (Reuters) - Shares in Belgian plastics company Recticel jumped on Tuesday after investors backed the sale of its engineered foams business, a deal some analysts said might deter a hostile bid from Austrian rival Greiner that they had criticised as too low.

Shareholders on Monday gave the green light for Recticel to sell the foams unit to U.S.-based Carpenter Co., which had made a binding 656 million euro ($739 million) offer in October.

Recticel, which is on track to become a "pure-play" insulation company, expects regulatory approval in the coming months.

Its shares were up 6.17% at 17.20 euros at 1151 GMT.

Greiner, keen to buy the foams business, had planned to buy a 27% stake in Recticel from its top shareholder Compagnie du Bois Sauvage for 13.50 euros each and extend the offer to other investors.

However, some analysts had criticised the offer as too low, and European Union regulators opened an investigation into the potential deal in November, saying it could hurt competition and lead to price hikes.

ING researchers said they believed Greiner's deal was now significantly less probable, while Berenberg analyst Christoph Greulich said the low bid price meant it had been "highly unlikely to succeed anyway."

KBC Securities said that, despite the setback, Greiner could still hold on to its plan to buy Bois Sauvage's stake and become and important shareholder.

Greiner did not immediately respond to a request for comment.

Recticel CEO Olivier Chapelle told reporters he did not expect any great difficulties with antitrust regulators over the deal with Carpenter Co.

"If this were the case," he added, "I believe remedies could be found."

He did not rule out considering other possible takeover bids more favourable to shareholders.

Recticel is planning to sell its Bedding business line to Aquinos Group, and expects Compagnie du Bois Sauvage to support the deal.

($1 = 0.8879 euros) (Reporting by Sarah Morland and Diana Mandiá Editing by Mark Potter)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BELIEVE -3.78% 9.535 Real-time Quote.-41.35%
COMPAGNIE DU BOIS SAUVAGE S.A. 2.06% 346 Real-time Quote.1.80%
KBC CORPORATION, LTD. -0.64% 251.98 End-of-day quote.-29.03%
KBC GROUPE NV 2.94% 58.2 Real-time Quote.-25.07%
RECTICEL 1.46% 18.04 Real-time Quote.1.71%
SUCCEED CO., LTD. 6.86% 1122 Delayed Quote.-17.74%
All news about RECTICEL
05/05UK's Competition Watchdog to Probe Carpenter's Acquisition of Recticel's Foams Business
MT
05/02Recticel Completes $173 Million Trimo Acquisition
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05/02RECTICEL : completes the acquisition of the insulated panel specialist Trimo
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04/29RECTICEL : Annual Report 2021 - Full version PDF - 7.37 MB
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04/29RECTICEL : Annual Report 2021 - Corporate PDF - 5.68 MB
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04/29RECTICEL : Annual Report 2021 - Financial PDF - 1.7 MB
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04/28RECTICEL : Capital increase through exercise of warrants - Disclosure in accordance with t..
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04/28RECTICEL : trading update 1st quarter 2022
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04/28RECTICEL : 1st quarter earnings
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04/28RECTICEL : Crossing thresholds
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Analyst Recommendations on RECTICEL
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Financials
Sales 2022 876 M 924 M 924 M
Net income 2022 372 M 392 M 392 M
Net cash 2022 390 M 411 M 411 M
P/E ratio 2022 2,17x
Yield 2022 1,59%
Capitalization 993 M 1 048 M 1 048 M
EV / Sales 2022 0,69x
EV / Sales 2023 0,89x
Nbr of Employees 4 866
Free-Float 72,5%
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Technical analysis trends RECTICEL
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 3
Last Close Price 17,82 €
Average target price 23,67 €
Spread / Average Target 32,8%
EPS Revisions
Managers and Directors
Olivier Chapelle CEO, Managing Director & Executive Director
Dirk Verbruggen Chief Financial, Legal & Compliance Officer
Johnny F. F. E. Thijs Chairman
Betty Bogaert Chief Information & Digitalisation Officer
Ingrid Merckx Independent Non-Executive Director
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