Kingfisher's Mr Bricolage deal collapses

Mr Bricolage SA

30/03/2015 08:28

LONDON, March 30 (Reuters) - Kingfisher  KGF.L , Europe's 
largest home improvement retailer, said on Monday its proposed 
275 million euro ($298 million) purchase of smaller French rival 
Mr Bricolage had collapsed. 
    Doubt had been cast on the deal last week after the majority 
of the Mr Bricolage board and its largest shareholder, 
franchisee group ANPF, expressed reservations.  ID:nL6N0WS4P2  
    Last July Kingfisher entered into a "binding agreement" with 
the principal shareholders of Mr Bricolage 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. 
    On Friday, the ANPF, which holds 41.9 percent of Mr 
Bricolage's equity refused any extension. 
    "Consequently the transaction will not proceed. Kingfisher 
is considering all of its options," it said. 
    Mr Bricolage could not immediately be reached for comment. 
($1 = 0.9230 euros) 
 
 (Reporting by James Davey; Editing by Neil Maidment) 
 ((james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters 
Messaging: james.davey.thomsonreuters.com@reuters.net)) 
 
Keywords: MR BRICOLAGE M&A/KINGFISHER