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Kingspan Fined €40m for Misleading Data on Slovenian Deal
The European Commission said Kingspan misled regulators and obstructed review of its abandoned Trimo takeover, which breached EU merger rules.
- On Thursday, The European Commission fined Kingspan €40 million for providing incorrect and misleading information during its review of the Irish group's 2021 bid for Slovenian rival Trimo.
- The Commission identified four separate breaches, fining Kingspan €10 million for each after finding the company misrepresented board member involvement and data regarding mineral fibre sandwich panel research.
- This sanction followed a four-year long investigation, as regulators alleged Kingspan obstructed the process by claiming key documents did not exist or that requested information was impossible to provide.
- Cavan-Based Kingspan intends to appeal the ruling, stating the decision does not represent its long and productive relationship with The European Commission.
- EU antitrust chief Teresa Ribiera warned, "When companies withhold or distort the truth, they undermine a system that protects fair competition for everyone," as such breaches can cost fines up to 1% of global turnover.
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The European Commission imposed a fine of EUR 40 million on Kingspan for providing incorrect and misleading information during the analysis in 2021 of the planned acquisition of Trimo by Kingspan under the EU Merger Regulation. Kingspan eventually abandoned the operation, the institution announced in press release.
·Lisboa, Portugal
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Kingspan hit with €40 million EU fine for misleading data ...
·London, United Kingdom
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Commission fines Kingspan €40 million for providing incorrect and misleading information during merger investigation - The European Sting - Critical News & Insights on European Politics, Economy, Foreign Affairs, Business & Technology - europeansting.com European Union News
Continue reading Commission fines Kingspan €40 million for providing incorrect and misleading information during merger investigation at The European Sting - Critical News & Insights on European Politics, Economy, Foreign Affairs, Business & Technology - europeansting.com.
Coverage Details
Total News Sources11
Leaning Left1Leaning Right1Center3Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 20%
C 60%
R 20%
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