Ireland鈥檚 Competition Authority (CA) has blocked Kingspan鈥檚 proposed takeover of the Leanort Group, claiming the deal would reduce competition in the Irish insulation materials market.

Materials supplier Kingspan put in a 拢59.5m offer for Leanort, which trades under the Xtratherm insulation brand, in June. The CA launched its investigation in July.

The CA said: 鈥淲e have decided to block the proposed acquisition on the grounds that such a transaction would substantially lessen competition in the manufacture and provision of insulation materials in the state.鈥�

Kingspan said it was disappointed by the decision.