In Germany, Brigl & Bergmeister has withdrawn its application for the German Federal Cartel Office's (FCO) approval of its merger with the Uetersen speciality paper mill.
In May 2014, Brigl & Bergmeister originally signed an agreement to acquire the mill from the Stora Enso Group, subject to merger control approval. In September, the FCO expressed reservations against the merger. Both parties subsequently submitted further conclusive market information and expert reports, none of which, however, managed to persuade the FCO to change its stance.
Consequently, Brigl & Bergmeister withdrew the merger application on 9 October; and the contracting parties have agreed to cancel the share purchase agreement.
Brigl & Bergmeister says it regrets the decision made by the FCO. "The label market would have benefited substantially from the acquisition," the company states. "The merger would have created a strong group of speciality paper mills and provided positive impulses throughout the entire value chain."
www.brigl-bergmeister.com
