Kingspan’s planned takeover of Belgian insulation company is rejected

Kingspan’s offer to take over a Belgian insulation company has been rejected.

It had made a €700 million bid to buy Recticel earlier this month but that offer was rejected by the company’s board. Recticel’s an insulation and foam manufacturer and it’s believed Kingspan had planned to split the company and sell the foam business.

In a statement, Recticel said a sale of the divisions is not in line with their business strategy.