EU antitrust regulators drop investigation after Kingspan withdraws from Slovenian bid
Photo: European Union flags hang in front of the European Commission’s headquarters in Brussels, Belgium. REUTERS / Yves Herman
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BRUSSELS, 22 April (Reuters) – EU antitrust regulators on Friday withdrew their one-year investigation into Kingspan’s proposed acquisition of Slovenian rival Trimo after the Irish insulation manufacturer withdrew its offer.
The European Commission had previously said the deal, announced two years ago, could significantly reduce competition for mineral fiber sandwich panels in the Czech Republic, Denmark, France, Hungary, Slovakia, Slovenia and the UK, as the two companies are direct competitors.
Kingspan and Trimo are the leading companies in the market of mineral fiber sandwich panels used for the construction, renovation and insulation of various industrial and commercial facilities.
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The EU’s competition authority was ready to block the deal after Kingspan failed to address its concerns, a source familiar with the matter said. According to the Commission’s website, the company never offered a remedy.
The Commission announced that it had taken note of Kingspan’s decision to terminate the contract with the parent company Trimo European Architectural
Systems.
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Foo Yun Chee Reporting; Edited by Sandra Mahler
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