In less than two weeks, the European Commission has taken two significant enforcement steps against companies for providing incorrect or misleading information during merger investigations: a $44 million fine against Kingspan on 8 October 2026 and a Statement of Objections against KKR on 19 October 2026.[1]
The KKR case concerns its 2024 acquisition of NetCo, comprising Telecom Italia’s fixed-line network assets and FiberCop. During the merger review, KKR represented that FiberCop’s existing long-term wholesale agreements with third-party operators could not be amended unilaterally. The Commission relied on these representations when unconditionally clearing the transaction in May 2024.
Following complaints that FiberCop had subsequently increased prices under those agreements, the Commission provisionally concluded that KKR had supplied incorrect and/or misleading information, at least negligently. If confirmed, the infringement could expose KKR to a fine of up to 1% of its aggregate annual worldwide turnover. The Commission may also revoke a merger clearance decision based on incorrect information for which a merging party is responsible.
The Kingspan case concerns its proposed acquisition of Trimo, which was abandoned in April 2022. The Commission nevertheless investigated the information Kingspan had provided during the merger review and, on 8 October 2026, imposed a $44 million fine for four infringements committed at least negligently. These concerned misleading information about market data, bidding records, board members’ involvement in strategic matters and acquisitions, and R&D activities. According to the Commission, Kingspan had misrepresented facts, incorrectly claimed that relevant documents did not exist, or stated that information could not be provided despite being available to the company.
Together, these cases demonstrate that negligence alone is sufficient to establish an infringement and that enforcement can continue even after a transaction has been cleared or abandoned. The obligation to provide accurate and complete information extends throughout the merger review process, including responses to requests for information.
Importantly, this risk is not confined to European businesses or operations. The Commission may request information concerning activities and documents outside the EU, while fines for incorrect or misleading information can reach 1% of the undertaking’s aggregate annual worldwide turnover, rather than merely its EU revenues. This is particularly relevant to multinational conglomerates with extensive portfolios of companies, where limited visibility over individual businesses’ activities and records may increase the risk of inaccurate or incomplete submissions and potentially significant financial exposure at the group level.
[1] The Kingspan decision is only the fourth fine of its kind since the current EU Merger Regulation (EUMR) entered into force in 2004, following fines against Facebook (approximately $122 million in 2017), General Electric ($58 million in 2019), and Merck ($8 million in 2021).