26 March 2015
Update on Kingfisher plc acquisition of Mr Bricolage
On 23 July 2014 Kingfisher 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 would 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.
Kingfisher had been working very closely with Mr Bricolage, the ANPF, the Tabur family and the ADLC (1). 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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Notes:
(1) French competition authority