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B&Q-owner hits resistance in pursuit of Mr Bricolage B&Q-owner faces hurdle in pursuit of Mr Bricolage
(about 2 hours later)
Kingfisher’s €275m acquisition of French DIY chain Mr Bricolage has run into unexpected hurdles, after the Bricolage board and its biggest shareholder voiced reservations over the proposed deal. Kingfisher’s €275m (£202m) acquisition of French DIY chain Mr Bricolage has run into unexpected hurdles, after the Bricolage board and its biggest shareholder voiced reservations about the proposed deal.
B&Q-owner Kingfisher entered exclusive talks last April to buy Mr Bricolage for €15 a share from its network of franchisees, ANPF, which holds a 41.9% stake, and the founding Tabur family, which owns 26.2%. Kingfisher wants to add Mr Bricolage to its Castorama and Brico Dépôt chains in France.B&Q-owner Kingfisher entered exclusive talks last April to buy Mr Bricolage for €15 a share from its network of franchisees, ANPF, which holds a 41.9% stake, and the founding Tabur family, which owns 26.2%. Kingfisher wants to add Mr Bricolage to its Castorama and Brico Dépôt chains in France.
The deal with the main shareholders was submitted to competition authorities in late January.The deal with the main shareholders was submitted to competition authorities in late January.
But shares in Mr Bricolage were suspended at the company’s request on Monday pending an announcement.But shares in Mr Bricolage were suspended at the company’s request on Monday pending an announcement.
In a statement to the London stock exchange, Kingfisher said it had been told that the majority of the board of Mr Bricolage and ANPF had reservations about the deal, but the UK group “has yet to receive clarification of their positions”. The concerns are not thought to be about the proposed price.In a statement to the London stock exchange, Kingfisher said it had been told that the majority of the board of Mr Bricolage and ANPF had reservations about the deal, but the UK group “has yet to receive clarification of their positions”. The concerns are not thought to be about the proposed price.
Mr Bricolage shares had closed at €14.50 last Friday, and this morning Kingfisher shares fell by 1.7% to 366.2p.Mr Bricolage shares had closed at €14.50 last Friday, and this morning Kingfisher shares fell by 1.7% to 366.2p.
The Tabur family remains committed to the deal, Kingfisher said, which would strengthen the UK-based retailer’s position in France, its most profitable market. Mr Bricolage has about 80 own shops and 435 franchise stores in France.The Tabur family remains committed to the deal, Kingfisher said, which would strengthen the UK-based retailer’s position in France, its most profitable market. Mr Bricolage has about 80 own shops and 435 franchise stores in France.
Kingfisher’s new chief executive Véronique Laury, who previously ran Castorama and has worked at Kingfisher for 12 years, will set out her strategy at the full-year results next Tuesday. Kingfisher is Europe’s biggest home improvement retailer with more than 1,170 stores in 11 countries, and employs 79,000 people.Kingfisher’s new chief executive Véronique Laury, who previously ran Castorama and has worked at Kingfisher for 12 years, will set out her strategy at the full-year results next Tuesday. Kingfisher is Europe’s biggest home improvement retailer with more than 1,170 stores in 11 countries, and employs 79,000 people.