Kingspan said to make a rebuffed proposal for a tie-up with Carlisle

Shares in Kingspan were down in Dublin this morning

News of Kingspan’s approach for Carlisle comes just days after another mega Irish-to-US deal was announced. Dublin-based Smurfit Kappa Group Plc and US firm WestRock said last week they are in talks to merge.

Kingspan Group Plc made an informal approach to combine with Carlisle Cos., which rebuffed the move to create a building materials giant with a combined market value of almost $27bn, people familiar with the matter said.

The Irish insulation and construction products company proposed a deal in recent months, according to the people. Carlisle, which has a market capitalisation of $12.5bn, rejected the pitch but signalled it would be open to at least reviewing a more attractive offer, they said.