Belfast Telegraph

Kingspan's €700m deal bid hits snag

Kingspan chief: Gene Murtagh
Kingspan chief: Gene Murtagh

By Ellie Donnelly

Kingspan's offer of €700m (£605m) for two divisions of Recticel is "lacking critical information items", the Belgian group has said.

Cavan-based Kingspan earlier this week made a bid for Recticel's insulation and flexible foams business.

Kingspan, which employs 400 people in Portadown, said it has already entered into an exclusive back-to-back agreement with a third party who will buy Recticel's flexible foams businesses, should the initial deal go ahead.

However, yesterday Recticel said it was seeking information and clarification on a number of items, including clarification on anti-trust risks associated with the potential deal.

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