The EU Commission has alleged that Irish insulation producer Kingspan intentionally or negligently provided it with incorrect, incomplete and misleading information during a merger investigation three years ago.
The allegations relate to Kingspan's proposed acquisition of Slovenian rival Trimo, which was announced in 2020.
We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences The Commission also claims that Kingspan provided incorrect, incomplete and misleading information with respect to basic facts aimed at assessing the scope of the relevant product and geographic market, the existence of barriers to entry and expansion, the importance of innovation and the closeness of competition between Kingspan and Trimo, and their competitors.
"Companies must supply accurate and complete information during our merger investigations. This is essential for merger reviews to remain both speedy and effective," said Margrethe Vestager, Executive Vice-President in charge of competition policy. "Kingspan has fully co-operated with the Commission throughout the period relating to the Trimo process, which commenced in September 2020, continued until Kingspan withdrew from the process in April 2022, and was followed by the EU Commission's investigation which opened in November 2022," it said.
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