Last year, Kingfisher took over the Romanian DIY network of Bricostore, while Mr Bricolage owns three stores on the Romanian market.
Kingfisher proposed to acquire 41.9% of the share capital of Mr Bricolage from the Association Nationale des Promoteurs de Faites Le Vous-Mene (ANPF) and 26.2% stake from the Tabur family, at an agreed price of 15 euros per share.
Subsequently, it would make a mandatory offer to acquire the shares held by the minority shareholders at the same price, the company’s release reads.
Kingfisher already operates on the French market through Castorama and Brico Depot.
“This would add a third, complementary strong business alongside Kingfisher’s existing two successful brands in France. The retention of Mr Bricolage’s excellent management team within the Kingfisher cadre, the addition to the Group of an established and successful international franchising operation and exposure to new territories makes this an attractive growth opportunity,” Ian Cheshire, Kingfisher’s Group Chief Executive, said.
In April 2013, Kingfisher paid approximately EUR75 million for the acquisition of 15 Bricostore stores in Romania from France’s Group Bresson. The company added it was considering expanding the network to 50 stores in the longer-term. The stores will be rebranded as Brico Depot.
Kingfisher, the largest do-it-yourself retailer in Europe, operates about 1,080 stores in nine countries in Europe and China. Its main brands are B&Q, Castorama, Brico Dépôt and Screwfix.
Its rivals on the Romanian DiY market are Ambient, bauMax, Dedeman, Hornbach, Leroy Merlin, Mr. Bricolage, OBI, Praktiker.
According to the latest data, German DIY retailer Obi and Austrian bauMax are preparing a withdrawal from the Romanian market.
Last year, Kingfisher suggested it might take over several bauMax stores in Romania and Turkey.
In February, German do-it-yourself retail chain Praktiker sold its operations in Romania, which include 27 stores, to Search Chemicals company, owned by Turkish businessman Omer Susli.