Kingfisher casts doubt on Mr Bricolage deal

Mr Bricolage SA

24/03/2015 08:20

LONDON, March 24 (Reuters) - Kingfisher's  KGF.L  275 
million euro ($302 million) takeover of do-it-yourself retailer 
Mr Bricolage  MBRI.PA  was thrown into doubt on Tuesday, after 
it emerged board members and a major shareholder of its smaller 
French rival had reservations about the deal.   
    Kingfisher, Europe's No.1 home improvement retailer with 
chains such as B&Q in Britain and Castorama in France, said in a 
statement it had yet to receive clarification of the positions 
of the majority of the board of Mr Bricolage and the ANPF, a 
group of franchisees which is a major investor in the company. 
    "The implications for the transaction are currently 
uncertain. Kingfisher will update investors in due course," the 
company said. Shares in Mr Bricolage were suspended in Paris on 
Monday at the request of the company pending a statement. 
 ID:nL6N0WP17Y  
    Kingfisher said the Tabur family, another major shareholder 
in the French business and signatory to the agreement, remained 
committed to the deal, which was announced in April last year 
and is designed to beef up Kingfisher's position in France, its 
most profitable market.  ID:nL5N0MV17N  
    Kingfisher entered exclusive negotiations with Mr 
Bricolage's two main shareholders to buy their shareholding for 
15 euros a share subject to anti-trust clearance, before 
subsequently making a mandatory offer to buy Mr Bricolage shares 
held by minority shareholders.   
    Shares in Kingfisher were down 2 percent to 364.9 pence at 
0812 GMT.   
($1 = 0.9121 euros) 
 
 (Reporting by Neil Maidment, editing by James Davey) 
 ((neil.maidment@thomsonreuters.com; +44)(0)(207 542 2292; 
Reuters Messaging: 
neil.maidment.thomsonreuters.com@reuters.net)) 
 
Keywords: BRICOLAGE M&A/KINGFISHER