Kingfisher tipped to 調印（する） French 取引，協定

By This Is Money
Updated: 00:00 BST, 13 May 2002

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THE CITY is を締めるing for Kingfisher to 明かす 計画（する）s to take over French DIY group Castorama, at a 激しい cost to 株主s. The 小売 group, which already 持つ／拘留するs 55% of Castorama, is 報道によれば in final 会談 and 詳細（に述べる）s of a 取引，協定 could be 解放（する）d as ea rly as this week.

Pundits are worried about whether Kingfisher will overpay and how it will 基金 the 取引，協定. The 火刑／賭ける it doesn't already own is 現在／一般に 価値（がある） £2.8bn - about 15% too high 分析家s reckon.

Kingfisher is also 推定する／予想するd to tap 株主s for 基金s, with a 権利s 問題／発行する of more than £1bn seen likely. But it may have to sell new 株 at a 30% 割引 to the 現在の price to 勝利，勝つ 株主 support.

'Why throw good money after bad?' one major 株主 said. 'We would need a lot of 納得させるing to give Kingfisher more 資本／首都 given the destructive way they have used it in the past.' Kingfisher 拒絶する／低下するd to comment on the タイミング of any 告示.

In a コンビナート／複合体 取引，協定 in 1998 Kingfisher 効果的に swapped 45% of its B&Q DIY 商売／仕事 for the 火刑／賭ける in Castorama, to create Europe's biggest DIY retailer. But the 取引，協定 turned sour as Castorama underperformed and Kingfisher is now losing out on half the 利益（をあげる）s of B&Q. 'There are 危険s 伴う／関わるd in buying Castorama, but the status quo 明確に isn't working,' one 分析家 said.

Kingfisher said in March that it was reviewing its 戦略 to 支える the flagging 株 price, and said it hoped a 決定／判定勝ち（する） could be reached within a few months.

The 株 have underperformed their UK 小売 部門 peers by 25% in the last 12 months and European 部門 peers by 13% in the same period. 'The underperformance has been astounding considering we are 証言，証人／目撃するing one of the strongest and longest 住宅 にわか景気s in Britain,' the 株主 追加するd.

Kingfisher's 決定／判定勝ち（する） to concentrate on the DIY 部門 is likely to result in the 処分 of its 電気のs 商売／仕事s, 含むing 惑星 in Britain, Darty in フラン and ProMarkt in Germany, which could be spun off or sold.

Darty would probably attract the most attention. With a price tag of more than £1bn, would-be 買い手s could 含む Britain's Dixons, German 小売 group Metro AG which owns マスコミ Markt and US 会社／堅い Best Buy. 惑星, the UK's number two chain be hind Dixons, is valued at between £300-500m, 分析家s said, and may 結局最後にはーなる in the 手渡すs of 投機・賭ける 資本主義者s.