In order to secure the deal, Kingfisher will have to buy 41.9pc of the shares from ANPF and 26.2pc from the Tabur family, before filing a mandatory offer to buy out the minority shareholders.
The tie-up is likely to attract attention from competition authorities in France, given the size of Kingfisher.
Shares in Kingfisher rose 10.30, or 2pc, to 441.50p in early trading.
Freddie George, analyst at Cantor Fitzgerald, said: "Mr Briocolage looks a compelling acquisition for Kingfisher and will strengthen its number one position in the French DIY market.
"Mr Bricolage has a strong high street presence while the Castorama and Brico Depot stores are predominantly ‘out of town’.
"However, in view of the size of the acquisition, we believe the company will have difficulties in getting anti-trust clearance, a process that is likely to take at least a year to conclude."
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