Kingfisher denies approach from Home Depot
Takeover report has ‘no foundation’
B&Q owner Kingfisher has denied that it has held takeover talks with US DIY giant Home Depot.
A report in the [i]Mail on Sunday [/i] said a possible takeover was discussed at a recent meeting in London between Kingfisher chief executive Gerry Murphy, chairman Francis Mackay and Home Depot chairman and chief executive Bob Nardelli.
It suggested Home Depot would like to acquire B&Q, attracted by its operations in the UK and China. Home Depot has recently announced plans to expand into China, where B&Q has been active for several years.
However, the report also said that Home Depot felt the France-based Castorama business was less attractive, since French employment laws make it harder to implement changes within a business.
A spokesman for Kingfisher told news agency Reuters the meeting had taken place, but denied that the companies had discussed a takeover.
He said: “The rest of the story is without foundation.” The meeting was “routine, long planned” and involved discussions on matters of general interest.
