The withdrawal in Europe will allow the two companies additional time to better align calendars for the antitrust approvals of the transaction with the two main agencies: the Federal Trade Commission (FTC) in the United States and the European Commission. It is anticipated that the merger notification to the European Commission will be refiled in the coming weeks, with the view to obtain a phase 1 clearance. The transaction, which has been approved by the Board of Directors of both parent companies, is subject to customary closing conditions and regulatory and antitrust approvals.
Owens Corning and Saint-Gobain today announced the voluntary withdrawal of the merger filing to the European Commission in connection with the creation of a joint venture merging Owens Corning's Reinforcements Business and Saint-Gobain's Reinforcements and Composites Business.
2007-04-26T13:00:00Update On The Proposed Joint Venture Of Owens Corning And Saint-Gobain Reinforcements Businesses glassonweb.com