Kingfisher purchases further holdings in Hornbach

Kingfisher announces that it has extended its shareholding in Germany’s leading DIY warehouse operator Hornbach by acquiring 17.4 per cent of the non-voting preference shares of Hornbach Holding A.G. for a cash consideration of €36.2 million, taking its total economic interest in the business to 21.2 per cent. The Group has also acquired 5.5 per cent of the ordinary shares of Hornbach Baumarkt which is 80 per cent owned by Hornbach Holding. These shares were acquired for a cash consideration of €21.5 million. Sir Geoffrey Mulcahy, Kingfisher’s Chief Executive, said: “We have been really encouraged by the progress we have been making in developing our relationship with Hornbach. This move confirms our belief that the business has excellent prospects as the leading Home Improvement warehouse operator in Germany with positions in other markets.”