But Irish materials firm says there is 鈥渘o active engagement鈥� presently

Kingspan has admitted it has had 鈥渞ecent and informal鈥� discussions with US giant Carlisle about a 鈥渢ransaction鈥� with the firm, in response to media reports of a takeover bid.

The Irish materials giant, according to Bloomberg and other outlets, had its approach to combine the two firms rebuffed by $6.6bn-turnover Carlisle recently.

Kingspan today issued a statement to the stock market confirming discussions had taken place between the two materials giants.

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Kingspan said it had 鈥渁dmired鈥� Carlisle for many years

It said: 鈥淜ingspan Group notes the recent speculation around Kingspan and Carlisle Companies. Kingspan has admired Carlisle for many years and, recognising the clear strategic fit, had recent and informal discussions on a potential transaction.

鈥淎t present, there is no active engagement.鈥� 

Kingspan made it clear that the North American roofing space 鈥渞emains a key area of interest鈥� for the firm.

Combining the two businesses would create a giant firm with a combined turnover of around 拢12bn.

In its interim results last month, Kingspan reported income once again topped 鈧�4bn (拢3.4bn)in the first half, despite a slight decline on last year鈥檚 record interims.

The Irish firm said turnover in the six months to June was down 2% to 鈧�4.1bn (拢3.5bn) compared with the first half of 2022. Pre-tax profit was edged up 1% to 鈧�393m (拢336m) from 鈧�388m (拢331m).

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