Kingfisher bids for Mr Bricolage to bolster French presence

Kingfisher, Europe's largest home improvement retailer, moved to strengthen its position in France, its most profitable market, with a €275 million takeover bid for smaller rival Mr Bricolage.

The owner of B&Q already trades as Castorama and Brico Depot in France where it is jostling for the top spot with Group Adeo, which owns the Leroy Merlin chain.

Mr Bricolage’s chief executive Jean-Francois Boucher told reporters yesterday that, based on 2012 data, his firm had an 11.3 per cent market share, Kingfisher about 34 per cent and Group Adeo about 35 per cent.

Kingfisher, whose own estimate of its market share is much lower, said it had entered exclusive negotiations with Mr Bricolage’s two main investors to buy their shareholdings for €15 a share. – (Reuters )