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Kingfisher's acquisition of Mr Bricolage will not proceed

Kingfisher, the owner of B&Q and Screwfix, has confirmed that its proposed deal to buy French DIY retailer Mr Bricolage will not be proceeding.

GENERAL MERCHANDISE

Kingfisher's acquisition of Mr Bricolage will not proceed

Kingfisher, the owner of B&Q and Screwfix, has confirmed that its proposed deal to buy French DIY retailer Mr Bricolage will not be proceeding.

The announcement follows news last week that the Mr Bricolage board and one of the retailer’s major shareholders, franchisee group ANPF, had said the undertakings required to obtain competition clearance for the deal were “no longer in their interests”.

Last year, Kingfisher entered into a binding agreement with Mr Bricolage’s main shareholders to acquire their shareholdings subject to satisfactory anti-trust clearance. The agreement made provision that it would lapse if the anti-trust clearance was not obtained by 31 March 2015 although an extension could be agreed by all parties.

However, on Friday ANPF refused any extension of the deadline.  

In statement Kingfisher said: “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.

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

 

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