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]

ToDo: Business History of the HORNBACH Group

References