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OFT to review Travis Perkins's Toolstation purchase

Builders' merchant Travis Perkins said the Office of Fair Trading intends to look into the company taking full control of hardware supplier Toolstation.

Travis Perkins, which bought a 30% stake in Toolstation for £18m back in 2008, agreed to buy up the rest of the Bridgewater, Somerset, based rival at the beginning of 2012 for £24m.

Wickes owner Travis Perkins said it will cooperate fully with any review, but added that it could not see any basis for the Office of Fair Trading (OFT) to look into the acquisition, and will be seeking clarification from the OFT at the earliest opportunity.

Toolstation has 103 outlets and a strong Internet and catalogue based operation. Travis Perkins said that the current management team at Toolstation are all set to remain in play after the change of ownership.

Source : ShareCast

03 February 2012
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