7th Apr 2020 11:48
(Alliance News) - SIG PLC on Tuesday noted the decision made by the UK Competition & Markets Authority to refer the sale of unit Building Solutions National Ltd to Kingspan Holdings Panels Ltd for an in-depth Phase 2 investigation.
The monopoly regulator separately said it believes that the merger may result in a "substantial lessening of competition". It stated that the merger has been referred for an in-depth probe, adding that it will, until April 16, consider whether to accept an undertaking from the concerned companies.
In October, construction products supplier SIG had said it would sell its roofing, cladding and insulation business, Building Solutions to Irish company Kingspan Holdings for GBP37.5 million on a cash-free, debt-free basis.
SIG shares were trading 7.1% higher at 21.41 pence each on Tuesday morning in London.
By Ife Taiwo; [email protected]
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