Commission fines Kingspan €40 million for providing incorrect and misleading information during merger investigation

The European Commission has fined Kingspan €40 million for providing incorrect and misleading information during the 2021 Commission review of Kingspan's planned acquisition of Trimo, under the EU Merger Regulation ('EUMR'). Kingspan ultimately abandoned the transaction.

Both companies are active in the market for mineral fibre sandwich panels, which are used for the construction, renovation and insulation of a variety of industrial and commercial buildings. 

In November 2022, the Commission opened an investigation to determine whether Kingspan intentionally or negligently supplied incorrect and/or misleading information during the review of Kingspan's planned acquisition of Trimo.

On 19 March 2024, the Commission sent Kingspan a Statement of Objections ('SO') setting out its preliminary view that the company had infringed the EUMR in six instances by providing incorrect and/or misleading information. This information covered key aspects for the Commission's review of the transaction.

After having analysed Kingspan's arguments in response to the SO, the Commission further refined its objections in a Supplementary SO and ultimately dropped two of the six objections that it had initially raised against Kingspan. In today's decision, the Commission concludes that Kingspan committed four distinct infringements of the EUMR through conduct by which it, at least negligently, provided: