Kingfisher draws the line on Castorama saga
French DIY chain now wholly-owned
May 23 2003
Kingfisher has won the final battle for its French DIY chain Castorama, owning 100 per cent of the business following the transfer of the last few shares to the UK retail group.
Following the closure of the public buyout offer, Kingfisher has acquired 99.57 per cent of the issued shares and 99.77 per cent of voting rights of Castorama. Under French market rules, the remaining shares now transfer automatically to Kingfisher.
The decision last year to acquire the 45 per cent of Castorama it did not already own sparked a bitter battle when Castorama chairman Jean-Hugues Loyez opposed Kingfishers’ plan. Since acquiring control last September, Kingfisher has been revamping the business to bring Castorama’s operations more closely in line with the flagship B&Q chain to create a single, global DIY operation.
Kingfisher is also demerging its electricals business, which includes the Come and Darty chains, in order to focus on DIY.
