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Kingfisher confirms Mr Bricolage acquisition will not go ahead

Mr Bricolage

On 23 July 2014 Kingfisher entered into a binding agreement with the principal shareholders of Mr Bricolage to acquire their shareholdings subject to satisfactory anti-trust clearance. This 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. Kingfisher notes the statement of the ANPF (an organisation controlled by Mr Bricolage’s franchisees holding 41.9% of the share capital of Mr Bricolage) dated 27 March 2015 which cites their decision to refuse any extension of the 31 March 2015 deadline.

Therefore, notwithstanding Kingfisher’s efforts to pursue the completion of the transaction, and in light of the positions expressed to date by the ANPF and Mr Bricolage, the anti-trust clearance will not be obtained by 31 March 2015 and therefore the July 2014 agreement will lapse on that date.

Consequently the transaction will not proceed. Kingfisher is considering all of its options.

Source : Kingfisher  PLC Press release

30 March 2015

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