The European Commission has cleared UK retail group Kingfisher‘s planned e5.1bn takeover of French DIY giant Castorama.
Kingfisher, which secured a 55% stake in Castorama when it merged its B&Q operation with the company in 1998, now needs approval from French stock market regulator CMF, expected later this month.
Control of the French company will pass to Kingfisher once a formal bid is made, regardless of the level of take up from the 45% minority shareholders. According to Castorama’s articles, drawn up in 1998, Kingfisher acquires a casting vote at its board meetings once a bid is made.
