Green light for Norgros takeover

Yesterday, 7 July 2005, saw the acquisition by Rautakesko of the Norwegian Norgros AS, once the transaction had been given the green light by the Norwegian competition authorities. The Kesko subsidiary now holds 98 per cent of the Norgros shares and has named the sum of NOK 952 mio (€ 120 mio) as the purchase price.
The Norwegian DIY and building materials chain Byggmakker, which claims a market share of 18 per cent, is part of Norgros. Of the 133 outlets, 20 are operated by the central office and the others belong to independent dealers. Norgros' net sales came to NOK 3.9 bn (€ 496 mio) in 2004. Sales of the Byggmakker chain have reached NOK 7.3 bn (€ 928 mio).