Hornbach
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Structure
- Hornbach Holding AG
- 80%: Hornbach Baumarkt AG (MarketScreener)
Timelines
- Mar.2014: Kingfisher exited its investment in German home improvement store operator Hornbach by selling its 17.4% stake in Hornbach’s preference shares to an international circle of institutional investors. Separately, Kingfisher sold its 25% plus 2 shares in Hornbach’s unlisted ordinary shares to the Hornbach family.[1]
- Nov.2001: Kingfisher acquired a 25% stake in Hornbach Holding AG, which held 80% of publicly-quoted Hornbach Baumarkt AG. The deal gave Kingfisher a strategic stake in the 4th-largest DIY group in Germany, as well as acting as a potential block on US DIY giant Home Depot, which could have used Hornbach as a way of moving into Europe.[2]
Strategic alliance: Founding family Hornbach brought Kingfisher in to create a liquidity cushion for inheritance tax reasons. Kingfisher helds a blocking minority in the holding with 25% plus 2 shares, the British also held smaller packages in the preference shares of the holding and the ordinary shares of Baumarkt AG. The family made it clear early on that a possible full takeover was not up for debate.[3]
References
- ^ Kingfisher exits investment in Germany's Hornbach. Reuters, Mar.25.2014.
- ^ Kingfisher buys stake in Hornbach to boost DIY interests in Germany. The Independent, Nov.28.2001.
- ^ Kingfisher kommt nach Deutschland (Kingfisher comes to Germany). (In German.) Frankfurter Allgemeine, Nov.09.2013.