Kingfisher takes direct charge at Castorama
Final approval for DIY takeover
September 4 2002
Kingfisher has assumed full managment control of French DIY chain Castorama after the COB bourse authority approved its 67 euro per share offer.
The final go ahead from the French stock market administrator came as Kingfisher chief executive Sir Geoff Mulcahy met Castrorama’s management directly.
Sir Geoff assumed direct control of the business following the departure of the five French senior director led by Jean-Hugues Loyez, who has resigned as chairman. The Castorama board had opposed the sale of the remaining 45 per cent of the business to DIY.
Kingfisher’s offer for the remaining shares opens today, September 4, and will run for at least 25 days. The COB said that if Kingfisher fails to secure at least 95 per cent of voting rights the company will consider a compulsory buyout.
