The German competition authority has extended the customary transaction review process for Ahlstrom’s Wind & Business unit sale to Owens Corning by opening a second phase investigation for this transaction, according to a press statement released by Ahlstrom.

The Wind & Business unit at Ahlstrom, producing glassfibre tissues, announced its planned divestment to Owens Corning, a US based company producing insulation, roofing and glassfibre composites, in January 2016. The transaction was expected to complete during the first half of this year after customary completion terms like merger clearances from relevant competition authorities.

The German competition authority, following its initial round of investigation, opened a second phase investigation to allow it enough time to complete an appropriate review of the transaction.

Now, it is possible that the completion of the planned transaction will not take place until the second half of 2016.

Ahlstrom and Owens Corning will continue to work closely with the German authority for a successful completion of the investigation during the first half of the year itself.

Ahlstrom expects to book a capital gain of approximately €25 million following the completion of the transaction. (MCJ)