In French hands

The French Auchan group, which includes Leroy Merlin, is taking over the 50 per cent stake in Rinascente’s DIY superstores and hypermarkets that belongs to the Italian Ifil group. Auchan already owns the remaining 50 per cent. This sale will result in the French group becoming the sole operator of the two DIY retail lines Bricocenter (63 outlets) and Leroy Merlin (9) in Italy. A figure of € 1.063 bn has been put on the transaction, which should be concluded by the end of the year provided the European competition authorities have no objection.