US takeover gossip lifts Kingfisher shares
Published: 17 August, 2011
LONDON: Kingfisher's share price lifted yesterday after vague rumours suggested that two of its fellow DIY retailers from across the Atlantic could both make a move for the B&Q owner.
A surge in the last hour of trading meant the group finished 5.2p higher at 236.5p, as speculation spread that Home Depot (which raised its profit forecast for the year yesterday) and Lowes may consider it an attractive way to expand into Europe. As well as its flagship business in the UK, Kingfisher owns market-leading chains in Poland, France and Turkey.
It is not the first time the two US companies have been linked to Kingfisher, and it has also been talked about in the past as a potential target for private equity.