Ireland’s Competition Authority (CA) has blocked Kingspan’s proposed takeover of the Leanort Group, claiming the deal would reduce competition in the Irish insulation materials market.
Materials supplier Kingspan put in a £59.5m offer for Leanort, which trades under the Xtratherm insulation brand, in June. The CA launched its investigation in July.
The CA said: “We have decided to block the proposed acquisition on the grounds that such a transaction would substantially lessen competition in the manufacture and provision of insulation materials in the state.”
Kingspan said it was disappointed by the decision.