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B&Q parent Kingfisher pulls out of Mr Bricolage takeover talks a day before results B&Q parent Kingfisher pulls out of Mr Bricolage takeover talks a day before results
(about 3 hours later)
Executives at B&Q parent company Kingfisher have been left red faced after nine months of negotiations to buy French rival DIY chain Mr Bricolage collapsed leaving them empty handed.Executives at B&Q parent company Kingfisher have been left red faced after nine months of negotiations to buy French rival DIY chain Mr Bricolage collapsed leaving them empty handed.
The collapse of the €275m (£200m) deal is a blow to the retail group’s new chief executive Veronique Laury who tomorrow presents her first set of results since taking over from Sir Ian Cheshire who retired earlier this year.The collapse of the €275m (£200m) deal is a blow to the retail group’s new chief executive Veronique Laury who tomorrow presents her first set of results since taking over from Sir Ian Cheshire who retired earlier this year.
The company, which already owns French chains Castorama and Brico Dépôt, had hoped to close the deal by its self-imposed deadline of tomorrow.The company, which already owns French chains Castorama and Brico Dépôt, had hoped to close the deal by its self-imposed deadline of tomorrow.
But last week Mr Bricolage’s largest shareholder, ANPF, which controls Mr Bricolage’s franchisees and is a 42% shareholder, changed it mind and opposed the deal. The board followed suit. Kingfisher shares rose 2.3% to 366p today.But last week Mr Bricolage’s largest shareholder, ANPF, which controls Mr Bricolage’s franchisees and is a 42% shareholder, changed it mind and opposed the deal. The board followed suit. Kingfisher shares rose 2.3% to 366p today.
The deal would have seen Kingfisher enter the franchise model for the first time and continue its growth on the continent, but ANPF’s opposition would have made it impossible to get regulatory approval in France within the deadline.The deal would have seen Kingfisher enter the franchise model for the first time and continue its growth on the continent, but ANPF’s opposition would have made it impossible to get regulatory approval in France within the deadline.
Kingfisher’s finance director Kevin O’Byrne is expected to step down after his was overlooked for the top job in favour of Laury, who previously ran the Castorama business. Kingfisher’s chief executive Kevin O’Byrne is expected to step down after his was overlooked for the top job in favour of Laury, who previously ran the Castorama business.