30th Mar 2015 07:11
LONDON (Alliance News) - Kingfisher Group PLC on Monday said its deal to acquire French building product company Mr Bricolage will not proceed amid shareholder and board opposition to the terms of the deal.
Kingfisher, the FTSE 100-listed owner of B&Q and Screwfix, entered into a deal in July last year to acquire Mr Bricolage for EUR275 million. Last week, it warned the deal may be under threat after ANPF, which holds a 41.9% stake in the business, and the company's board have reservations about the deal.
Kingfisher said the deadline for gaining anti-trust clearance for the deal in France was March 31 and, as a result of the opposition to the deal from ANPF and the Mr Bricolage board, that deadline is no longer viable.
Kingfisher said it is considering all of its options.
Shares in Kingfisher were up 2.2% to 365.6 pence in early trade Monday, one of the best performers in the FTSE 100.
By Sam Unsted; [email protected]; @SamUAtAlliance
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