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BREAKING NEWS

Kingspan CEO holds out little hope of reviving Recticel deal

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DUBLIN (Reuters) - Kingspan has moved on from its discussions with Recticel over bids for a part or whole of its Belgian rival and sees little hope of a deal being revived, the Irish insulation company's chief executive said on Friday.

Recticel last week rejected a 700 million euro bid for its two main foam and insulation businesses, and disclosed that Kingspan had also approached it in relation to a possible offer for the entire group.

Kingspan chief executive Gene Murtagh told the company's annual shareholder meeting that it had twice reached provisional agreement with Recticel before the rejection: "It would have been a nice bolt on, but it wasn't to be," he said.

(Reporting by Padraic Halpin. Editing by Jane Merriman)

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