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UK DIY News

Kingfisher gets OFT clearance to buy Focus stores

The Office of Fair Trading has approved plans by B&Q owner Kingfisher (KGF.L) to acquire 30 Focus DIY stores.

According to Kingfisher, regulatory approval means more than 600 jobs will now be saved.

The company revealed the stores would be transferred to its B&Q format 'as soon as possible'.

Ian Cheshire, group chief executive at Kingfisher, said approval would pave the way for futher investment in local communities.

He added, 'I would like to thank the OFT for acting swiftly, enabling so many jobs to be saved.'

The £23 million cash deal was first announced in May after the appointment of administrators at the national DIY chain.

Source : Rob Langston - What Investment.co.uk
www.whatinvestment.co.uk/trading/share-dealing/uk-companies/1635988/kingfishers-focus-gets-regulatory-clearance.thtml

07 July 2011
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