European Commission fines Kingspan €40m over misleading merger information
What happened
The European Commission fined Kingspan €40 million for providing incorrect and misleading information during an investigation into its abandoned acquisition of a Slovenian rival. The four-year investigation concluded that Kingspan provided misleading details regarding how it tracked penetration rates for mineral fibre sandwich panels and the availability of bidding data. This sanction underscores the Commission's tough policy against infringing EU merger rules.
From rte.ie
Why it matters
The fine relates to an acquisition Kingspan planned in 2021 but scrapped in April 2022 after the EU antitrust watchdog warned it could raise prices and reduce quality. Such breaches of EU merger rules can result in fines up to 1% of a company's total global turnover.
The EU bloc utilizes the European Commission for merger review.
From rte.ie
Who's involved
- European CommissionEU competition enforcer that conducted the investigation and issued the €40 million fine.
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The entities involved
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European Commission
executive branch of the European Union