Kingfisher plc announces Mr Bricolage acquisition not to proceed
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. 2015-03-30 13:53:12
Kingfisher notes the statement of the ANPF (an organisation controlled by Mr Bricolage's franchisees holding 41.9 per cent 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 option, a company official note states.
In February last year, The UK-based DiY group Kingfisher, the owner of Bricostore network in Romania, presented EUR 275 million worth offer for purchase of French network Mr Bricolage and anticipates the closing of transaction between 2014-2015. Mr Bricolage runs three stores in Romania and Kingfisher talks with the company main shareholders for a transaction comprising the taking over of 41.9 percent of shares owned currently by ANPF (Association Nationale des Promoteurs de Faites Le Vous-Mene) and 26.2 percent stake owned by Tabur family, for EUR 15 per share.
|
|
| |
|
Daily Info |
Smart city is not a fad, it's a necessity In June 2018, the ranking of the most "smart" cities in the world was published. In other words, the most advanced cities in terms of human capital, social cohesion, the econo... |
Ondrej Safar, CEZ Group: "Romania can become a hub for international smart solutions providers" "We are already in the digital age, so the upward trend of implementing smart solutions is inevitable in all areas," he tells The Diplomat-Bucharest. "Especially in terms of u... |
Telekom Romania, a strong supporter of Smart City development in Romania Just like many other countries in the world Romania is now facing an unprecedented growth of the urban population, which can be both beneficial and detrimental for the society... |
In the industrial era, the fight was for finite material resources. Not anymore Now organizations fight and develop themselves for and around their talent.
In a nutshell, getting ahead in today's business world is all about attracting and inspiring an e... |
Richard Sareczky, Mol Limo: "We look at expansion locations across CEE including Romania" Consumer mobility behaviour is changing, leading to up to one out of ten cars sold in 2030 potentially being a shared vehicle and the subsequent rise of a market for fit-for-p... |
|
|
|
|
|
|
|
|
advertising
advertising
advertising
|
More on News |
President Iohannis urges Romanians to be more united, stay involved in modernizing Romania Romania's President Klaus Iohannis urged Romanians in France to be more united and stay involved as much as they are now in helping modernise Romania. |
Catrina, MCSI: Romania is ready to roll up its sleeves and work during the presidency of the EU Council Romania is ready to roll up its sleeves and work during the presidency of the Council of the European Union (EU), said Maria Manuela Catrina, State Secretary at the Ministr... |
Two billion youth risk of being left behind in the Fourth Industrial Revolution workforce, says Deloitte Almost two billion youth worldwide risk of being left behind in the Fourth Industrial Revolution (Industry 4.0) workforce, which is changing at an increasingly rapid pace a... |
ArcelorMittal receives binding offer for European assets from Liberty British-owned Liberty announced a conditional agreement to buy four European steel plants, employing more than 12,500 people. |
Revolut gets European banking license Fintech startup Revolut is now officially a bank. While the startup initially expected to get its European banking license during the first half of 2018, the company has fi... |
The Romanian labour market needs a well-thought approach, says FIC The Foreign Investors Council (FIC) has signaled in the past 2-3 years that its members are anticipating increasing strains on the Romanian labour market because starting w... |
Dacia receives 115.8 million RON in state aid from the Finance Ministry The Romanian Finance Ministry has signed five more grant agreements under the state aid scheme, and among the beneficiaries are Automobile Dacia, with RON 115.8 million. |
|