Kingspan fined €40 million over a Trimo deal it dropped in 2022

The European Commission fined Irish building materials group Kingspan €40 million on October 8, 2026, for giving it incorrect or misleading information while it reviewed Kingspan's planned purchase of Slovenian panel maker Trimo. The twist is timing: Kingspan walked away from that deal in April 2022, so the penalty concerns a merger that never happened.

It is only the fourth time the Commission has used this power since the EU Merger Regulation came into force.

What the Commission says Kingspan got wrong

Both companies make mineral fibre sandwich panels, insulated panels used to build and clad industrial and commercial buildings. Kingspan notified the deal in March 2021, and the Commission opened an in-depth probe a month later over concerns about higher prices and less choice.

The Commission found four separate infringements, each committed at least negligently. Kingspan gave misleading information about how it tracks penetration rates for these panels, and incorrect or misleading statements about whether it kept bidding data, the records of contracts won and lost that regulators use to see how fiercely companies compete.

It also gave incorrect information about how involved its board members were in the Trimo deal, in other planned acquisitions and in strategy, and incorrect or misleading information about its research and development. According to the Commission, Kingspan claimed key documents did not exist, misrepresented facts or said it could not provide information that only it held.

A flat €10 million per breach

The Commission set the fine at €10 million for each of the four infringements. Under the rules it can go as high as 1% of a company's total turnover.

The case was narrowed along the way. The Commission's March 2024 statement of objections listed six alleged breaches, and two were dropped after Kingspan replied.

The earlier cases give a sense of scale. Facebook was fined €110 million in 2017 over its WhatsApp purchase, General Electric €52 million in 2019 over LM Wind, and Sigma-Aldrich €7.5 million in 2021 over its sale to Merck.

Why a dead deal still matters

Companies sometimes assume that abandoning a deal ends their exposure. This decision shows the Commission will keep pursuing misleading filings years later, because merger reviews depend heavily on documents and answers only the merging companies can provide.

The Commission also noted that a separate investigation, opened in July 2025, is examining whether KKR gave incorrect or misleading information during the review of its acquisition of NetCo.

Kingspan can appeal the decision to the EU courts. Its response was not included in the Commission's announcement.