Regulators approve Kingspan deal in New Zealand

New Zealand’s mergers regulator has approved Irish insulation specialist Kingspan’s bid for local manufacturer, Conqueror.

The country’s commerce commission recently confirmed that it was reviewing Kingspan’s proposed takeover of the insulated panel and insulation boards business of local player, Conqueror New Zealand Ltd.

The commission said it was clearing the takeover as the regulator was satisfied that the deal was unlikely to substantially lessen competition in any New Zealand market.

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Commission member Sue Begg said that Kingspan would face competition from other local insulation panel suppliers, including Bondor and Metalcraft, which is due to open a new factory next year.

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“We are also satisfied that the merger would be unlikely to substantially lessen competition for the supply of insulation boards, due to the wide range of alternative insulation options available to customers,” she said.

Conqueror New Zealand manufactures panels with rigid foam cores used for insulation at a factory in Christchurch.

Local reports say that Conqueror will retain its wholesale insulation supply business, which utilises PIR [polyisocyanurate] foam core material supplied by Kingspan.

Once the commission clears a transaction, the deal cannot be challenged in court on competition grounds for one year.

The Irish company did not comment.