European Commission fines Kingspan €40 million over Trimo takeover falsehoods
Business
Irish building materials firm Kingspan has been fined €40 million by the European Commission for giving false information during a 2021 investigation into its planned takeover of rival Trimo.
The deal was dropped in 2022 after regulators warned it could drive up prices.
Commission says Kingspan blocked fair review
The European Commission said Kingspan blocked a fair review by asserting the non-existence of key documents and misrepresenting facts.
Competition Commissioner Teresa Ribera put it plainly: "There can be no compromise on disclosure and transparency."
Kingspan, which made over €850 million in pre-tax profits last year, was fined €40 million by the European Commission.