The EU Commission's Competition Authorities Approved The Takeover of Spano by Unilin

On 23 April, the EU Commission‘s competition authorities approved the takeover of Spano by Unilin, which is owned by the US-American company Mohawk. The approval under cartel law had already been granted following the provisional investigation (Phase I investigation) which was initiated in mid-March, but the written findings of the EU Commission have not yet been published. Mohawk and the Belgian holding company Ackermans & van Haaren, which had until now held 72.9% of Spano shares through its investment division Sofinim, had signed a takeover agreement at the end of January for all shares in Spano. The purchase price was set at €125m, the equivalent of US$168m. The minority shareholders in Spano Invest, who until now had held 25% of shares through the management holding company Lignofin, had not exercised their preferential right to purchase by 15 March. As early as 14 March, Mohawk had registered the planned takeover of all shares in the Spano Group with the EU Commission.