The Swiss maker of bathroom piping Geberit AG, offered about €1.1 billion to buy the European market leader in the area of bathroom ceramics Sanitec.
Combining Helsinki-based Sanitec’s strength in bathtubs and toilets with Geberit’s expertise in pipes and plumbing would create a company with sales of about €2.7 billion. Geberit will gain a foothold in emerging markets such as Russia and Turkey as well as improved access to consumers through the deal. The transaction, backed by investors EQT and Zeres Capital, will also boost Geberit’s sales as Europe’s building industry creeps out of a recession.
Geberit said it could still withdraw its offer, citing a list of seven conditions that must be fulfilled. These include no other competing offer with more favorable terms, and no unexpected material changes to sales, profit and liquidity at Sanitec.
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