Only temporary repurchase of shares

The German DIY group Hornbach is looking into acquiring Kingfisher’s block of shares. Hornbach has the right of first refusal to the shares held by the British DIY retailer. According to a statement from chairman Albrecht Hornbach, permanent acquisition of the share package is not the strategic goal of the family trust. However, participation for a transitional period may be a possibility, in order to find a suitable partner, for instance. Kingfisher recently announced a willingness to divest itself of the package at a reasonable price for strategic reasons. The British group holds shares in both the holding company and in Hornbach Baumarkt AG, the biggest individual company. The chairman estimated the current market value of the Kingfisher shares at € 110 – 120 mio.