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Kingfisher exits investment in Germany's Hornbach

Reuters - UK Focus

FRANKFURT, March 25 (Reuters) - Britain's Kingfisher (Frankfurt: KFI1.F - news) is exiting its investment in German home improvement store operator Hornbach, which will increase the free float of its listed preference shares to 100 percent, the Hornbach family said in a statement on Tuesday.

Kingfisher (LSE: KGF.L - news) sold its 17.4 percent stake in Hornbach's preference shares to an international circle of institutional investors, it said.

Separately, the British retailer is selling the 25 percent plus 2 shares in Hornbach's unlisted ordinary shares it owns to the Hornbach family. (Reporting by Kirsti Knolle; Editing by Maria Sheahan)