January 26 (SeeNews) - Irish roof and facade panels manufacturer Kingspan has suspended the process of acquisition of Slovenian prefabricated construction elements producer Trimo due to difficulties in obtaining the consent of the European Commission, Slovenian media reported.
A new procedure for the sale of Trimo will be launched soon and a new buyer will be selected in coming weeks, Slovenian daily Finance quoted unnamed sources as saying on Tuesday.
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Kingspan plans to participate in the new race for Trimo, which will involve at least three potential buyers, Finance reported.
In April 2021, the EU Commission launched an in-depth investigation to assess the proposed acquisition of Trimo by Kingspan, expressing concerns that the transaction may reduce competition and lead to price increases in the market for mineral fibre sandwich panels in a number of member states and the UK.
Warsaw-based private equity fund Innova Capital signed a definitive agreement to sell its 100% stake in Trimo to Kingspan in August 2020. The transaction was referred to the Commission on October 23, 2020, and notified on March 3, 2021.