EU Alleges Kingspan Provided Deceptive Information in Merger Investigation

The European Commission has accused Kingspan, a major insulation and building materials company, of giving misleading information during the review of its 854 million euro acquisition of Recticel’s insulation division.

The Commission issued a Statement of Objections, indicating serious concerns that Kingspan’s actions might have affected its ability to evaluate the deal’s impact on competition.

Kingspan allegedly failed to disclose essential information about product certification, possibly distorting the market competition assessment.

If found guilty, Kingspan could face heavy fines, with penalties based on its annual global revenue. The company has stated it is reviewing the objections seriously and intends to cooperate with the investigation.

The case emphasizes the need for transparency in corporate deals and the EU’s dedication to enforcing competition laws. The outcome may set a precedent for handling similar cases in the future and reaffirms the EU’s commitment to a fair market.

There is no legal deadline for the Commission to complete such inquiries. Their duration depends on a number of factors, including the complexity of the case, the extent to which the companies concerned co-operate with the Commission and the exercise of the rights of defense.

Source: Mirage News