Home Depot said to be stalking Kingfisher
City waits for move by US DIY giant December 3 2003
The City believes that US DIY giant Home Depot is ready to make a move to acquire Kingfisher, owner of the B&Q chain.
Kingfisher shares rose more than three per cent on Tuesday as the market reacted to the latest takeover rumours.
While Home Depot is known to have considered an offer for Kingfisher several time in the past, the demerger of the Kesa electricals business earlier this year, making Kingfisher a pure DIY retailer made it a more attractive target for the world’s biggest DIY retailer.
In July, Home Depot chief executive Robert Nardelli met with his Kingfisher counterpart Gerry Murphy. Kingfisher executives have also met with Home Depot’s rival Lowe’s.
The B&Q format has strong echoes of Home Depot’s US superstores, and integrating the two businesses would be relatively straightforward.
Neither Home Depot nor Kingfisher would comment on the latest market speculation.
