This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-30573141
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
B&Q owner Kingfisher to sell China stake for £140m | B&Q owner Kingfisher to sell China stake for £140m |
(about 2 hours later) | |
Home improvements retailer Kingfisher has agreed to sell a controlling stake in B&Q China to Wumei Holdings. | Home improvements retailer Kingfisher has agreed to sell a controlling stake in B&Q China to Wumei Holdings. |
Kingfisher is selling a 70% stake in the business - which has 39 stores and more than 3,000 staff - for £140m. | |
The company had already announced that it was looking for a strategic partner to develop its B&Q business in China. | The company had already announced that it was looking for a strategic partner to develop its B&Q business in China. |
The transaction, which is subject to approval by the Chinese Ministry of Commerce, is expected to be completed in the first half of 2015. | The transaction, which is subject to approval by the Chinese Ministry of Commerce, is expected to be completed in the first half of 2015. |
'Strong retail partner' | 'Strong retail partner' |
As well as B&Q, Kingfisher owns the Screwfix, Brico Depot and Castorama home improvement chains. | As well as B&Q, Kingfisher owns the Screwfix, Brico Depot and Castorama home improvement chains. |
It also owns 50% of the Koctas brand in Turkey. | It also owns 50% of the Koctas brand in Turkey. |
"I am delighted to have found a strong retail partner who will help us to release the financial value of our business in China," said group chief executive Veronique Laury. | "I am delighted to have found a strong retail partner who will help us to release the financial value of our business in China," said group chief executive Veronique Laury. |
"This will enable us to focus our financial resources and management talent on the large and attractive European home improvement market." | "This will enable us to focus our financial resources and management talent on the large and attractive European home improvement market." |
Beijing-based Wumei Holdings operates about 650 supermarkets and 10 department stores in China, owning brands such as Wumart, Jingbei Shopping Mall, and Merrymart. | Beijing-based Wumei Holdings operates about 650 supermarkets and 10 department stores in China, owning brands such as Wumart, Jingbei Shopping Mall, and Merrymart. |
Ms Laury recently took over from Ian Cheshire as chief executive. | Ms Laury recently took over from Ian Cheshire as chief executive. |
Previous version
1
Next version