Kingfisher's 275 million euro takeover of France's Mr Bricolage has been thrown into doubt, after the British DIY firm said the majority of the board and the largest shareholder of the target company had reservations.
Kingfisher, Europe's biggest home improvement retailer, said last April it had agreed a deal to buy Mr Bricolage to beef-up its position in France, its most profitable market, where it already trades as Castorama and Brico Depot.
However, it said on Tuesday it had yet to receive clarification of the positions of the majority of the Mr Bricolage board and of the Association Nationale des Promoteurs de Faites Le Vous-Mene (ANPF), a franchisees group that owns 41.9 percent of the French firm's equity.
"Kingfisher has been made aware that both the majority of the Board of Mr Bricolage and the ANPF, a major shareholder of Mr Bricolage, have reservations in relation to the transaction," it said in a statement.
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