British DIY firm Kingfisher axes bid for Mr Bricolage

30th March 2015, Comments 0 comments

Kingfisher, Europe's biggest home-improvements retailer, on Monday announced the collapse of its takeover bid for French rival Mr Bricolage.

Kingfisher, owner of French chains Castorama and Brico Depot as well as B&Q in Britain, said in a statement that major shareholder ANPF had indicated its opposition to a deal.

The British group had set a deadline of March 31 for regulatory approval of its takeover of Mr Bricolage -- but ANPF rejected the move.

"In light of the positions expressed to date by the ANPF and Mr Bricolage, the anti-trust clearance will not be obtained by 31 March 2015 and therefore the July 2014 agreement will lapse on that date," Kingfisher said in the statement.

"Consequently the transaction will not proceed. Kingfisher is considering all of its options."

London-listed Kingfisher had revealed one year ago that it was in exclusive talks to buy Mr Bricolage in a deal worth 275 million euros including debt.

And in July, Kingfisher had entered into a binding agreement with Mr Bricolage shareholders, but this was conditional on the March 31 deadline.

© 2015 AFP

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