Kingfisher acquisition of MrBricolage scuppered
Kingfisher’s acquisition of its French rival MrBricolage was scuppered by resistance from the latter’s franchisees.
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ANPF, the organisation controlled by the franchisees, refused to grant an extension to the 31 March deadline for the €275m acquisition to receive approval from the French competition authorities.
The deadline was one of the conditions set out under an agreement reached last summer. An extension was possible if agreed to by all parties.
ANPF is one of the major shareholders of the French do-it-yourself (DIY) retailer, holding 41.9% of the company’s stock.
Kingfisher is considering all of its options, the company said in a statement.
As of 09:25 shares of Kingfisher were 2.32% higher at 366.4p.