UK retail giant, Kingfisher this morning announced that it intends to acquire a further 30% in French retail group BUT for £92m.
The deal would make Kingfisher a 56% majority shareholder in the 235-strong French national retailers which specialises in electrical goods and furniture.
Kingfisher made the move following speculation on the French stock exchange that a move was imminent which in turn sent BUT’s share price rocketing.
Kingfisher intends to acquire the Venturini family’s 30% stake but will refuse to pay more than FFr300 per share (£30.45).
There are no plans for an expansion of BUT at present said a Kingfisher spokesman. He added: “We are at a very early stage and to be honest, a finalised deal is months away.”
EGi News 25/07/97
