British DIY giant Kingfisher has back out of a GBP 275m deal to buy French competitor Mr. Bricolage. Antitrust regulators needed to approve the takeover, which was first announced last year, by the end of March, and Kingfisher said did not want to extend the term. Some Mr Bricolage shareholders reportedly opposed the deal.
“As a result, despite our efforts to complete the transaction and taking into account the point of view expressed by Mr. Bricolage, the agreement from the antitrust authorities will not be obtained until 31th of March 2015, so the understanding from July 2014 will lapse from that date. Consequently, the transaction will not continue. Kingfisher takes into consideration all options,” the company said in a statement.
Kingfisher debuted on the Romanian market in 2013 when it took over the Bricostore network. Mr. Bricolage operates three stores in Romania, including locations in Bucharest, Pitesti and Iasi.
