Kingspan Fined €40m by European Commission for Competition Investigation Breaches

Irish building materials giant Kingspan has been fined €40m (£33.9m) by the European Commission after an investigation found the company provided incorrect and misleading information during a review of a proposed takeover.

The decision relates to Kingspan's planned acquisition of Trimo, a rival manufacturer of insulating panels, in 2021. The proposed deal was examined under European Union merger rules to determine whether it could significantly reduce competition in the market.

Kingspan, which is headquartered in County Cavan, Ireland, has said it will appeal the decision in full.

What led to the fine?

Kingspan announced plans to acquire Trimo in 2021, but the European Commission raised concerns that the transaction could lead to higher prices and harm competition.

In 2022, Kingspan confirmed it would no longer pursue the acquisition. The Commission subsequently launched a separate investigation into whether the company had supplied inaccurate or misleading information during the merger review.

An earlier assessment identified six potential breaches of the rules. In its final decision, announced on Thursday, the Commission concluded that four breaches had occurred.

Kingspan was fined €10m (£8.5m) for each breach, bringing the total penalty to €40m.