Mohawk Industries’ deal to acquire Belgian panel board manufacturer Spano Invest NV for $168 million in cash is under European Commission review.
Spano is a manufacturer and distributor of chip and melamine boards used in furniture construction and as building materials. It is majority-owned by the Belgian holding company Ackermans & Van Haaren.
The EU may decide by April 23 whether the deal complies with EU anti-competition regulations. The commission has 25 working days to conduct an initial review of the merger from the time it was filed, but that review could be extended, according to the commission’s procedures.
Efforts to reach Calhoun-based Mohawk for comment on the review were unsuccessful. The company hopes to close the deal in the second quarter.
Last month, the EU blocked an acquisition by another Georgia-based company. UPS’ $6.77 billion effort to acquire Dutch shipping company TNT Express was denied on grounds it could hurt consumers because less competition could drive up package delivery costs.
Spano is Mohawk’s latest acquisition. The world’s largest flooring maker and second-largest carpet maker also acquired tile manufacturer Marazzi, laminate makers Pergo and Unilin and hardwood flooring maker Columbia.
On the New York Stock Exchange, shares of Mohawk closed down 88 cents at $110.41, after trading as high as $112.57 during the day. The stock’s 52-week high is $115.32.
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