Kingscourt, Ireland — Kingspan has walked away from further attempts to buy Recticel and break it up, according to reports in UK and International media.
According to the Times, Gene Murtagh, CEO said the group probably had finished in its pursuit of Recticel. The newspaper reported him as saying ‘you can take it we’ve moved on.’
Reuters reported Murtagh as saying Rectciel’s rigid foam business ‘would have been a nice bolt-on but it wasn’t to be’
Murtagh was talking at the Kingspan AGM held on Friday 3 May 2019.
Kingspan made an unsolicited offer of EUR 700m for Recticel on 17 April. The proposed offer included splitting the Belgian company into two units. Germany’s Greiner was proposed as the buyer. Greiner is a long term joint venture partner of Recticel through Eurofoam.
The offer was rejected by Recticel on 26 April.