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Kingfisher in exclusive talks to buy France's Mr Bricolage

Reuters - UK Focus

LONDON, April 3 (Reuters) - Kingfisher (LSE: KGF.L - news) , Europe's No. 1 home improvement retailer, has entered into exclusive negotiations with the main investors of French rival Mr Bricolage to buy their shareholdings.

The firm said on Thursday it has proposed to acquire 41.9 percent of the share capital of Mr Bricolage from ANPF, which is held by franchisees, and 26.2 percent from the Tabur family at an agreed price of 15 euros per share.

Subsequently, it would make a mandatory offer to acquire the shares held by the minority shareholders at the same price.

At this level the overall enterprise value of the deal would be around 275 million euros ($378.62 million).

($1 = 0.7263 Euros) (Reporting by James Davey; Editing by Brenda Goh)