BELGIUM: FSMA orders Compagnie du Bois Sauvage to reduce its stake in Recticel below the 30% Belgium takeover threshold

Friday August 1 2014

The Management Committee of the FSMA has ordered Compagnie du Bois Sauvage SA to reduce its stake in Recticel SA below the 30% Belgium takeover threshold within a period of 40 working days, and in accordance with the legislation on takeover bids.

The rise above the 30% threshold is the result of the addition, pursuant to the applicable legal provisions, of the Recticel SA shares held directly by Compagnie du Bois Sauvage SA to Recticel’s own shares bought back with a view to covering share options it issued to its employees.

Subsequently, the Management Committee has tasked the FSMA’s investigations officer with analysing how these facts should be regarded in the light of the legislation on transparency in the shareholdership of listed companies and of the legislation on takeover bids.

See the above link for more details.