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Kingfisher considers 'all of its options' on Mr Bricolage deal

Kingfisher has said it is considering all of its options as it admitted that its proposed acquisition Mr Bricolage is under threat after the French DIY chain and one of its major shareholders told the company that the undertakings required to obtain competition clearance for the deal were “no longer in their interests”.

GENERAL MERCHANDISE

Kingfisher considers 'all of its options' on Mr Bricolage deal

Kingfisher has said it is considering all of its options as it admitted that its proposed acquisition Mr Bricolage is under threat after the French DIY chain and one of its major shareholders told the company that the undertakings required to obtain competition clearance for the deal were “no longer in their interests”.

In July last year, the B&Q and Screwfix owner entered into a binding agreement with the principal shareholders of Mr Bricolage to acquire their shareholdings subject to satisfactory anti-trust clearance. Under the terms of the transaction, Kingfisher was to acquire 41.9% of the share capital from the ANPF, an organisation controlled by Mr Bricolage’s franchisees, and 26.2% from the Tabur family.  

In statement Kingfisher said: “At a late stage Mr Bricolage and the ANPF indicated that the undertakings in France required to obtain the competition clearance were no longer in their interests.

“Without the consent of Mr Bricolage and the ANPF, the competition clearance undertakings necessary to finalise the transaction cannot be given.  

“Kingfisher is considering all of its options.”

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