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LONDON, March 24 (Reuters) - Kingfisher's 275million euro ($302 million) takeover of France's Mr Bricolage has been thrown into doubt, after the British DIY firmsaid the majority of the board and the largest shareholder ofthe target company had reservations.
Kingfisher, Europe's biggest home improvement retailer, saidlast April it had agreed a deal to buy Mr Bricolage to beef-upits position in France, its most profitable market, where italready trades as Castorama and Brico Depot.
However, it said on Tuesday it had yet to receiveclarification of the positions of the majority of the MrBricolage board and of the Association Nationale des Promoteursde Faites Le Vous-Mene (ANPF), a franchisees group that owns41.9 percent of the French firm's equity.
"Kingfisher has been made aware that both the majority ofthe Board of Mr Bricolage and the ANPF, a major shareholder ofMr Bricolage, have reservations in relation to the transaction,"it said in a statement.
Shares in Kingfisher were down 1.3 percent at 368 pence at1055 GMT.
"The implications for the transaction are currentlyuncertain. Kingfisher will update investors in due course," thecompany said.
Shares in Mr Bricolage were suspended in Paris on Monday atthe request of the company pending a statement.
Kingfisher said the founding Tabur family of Mr Bricolage,which owns 26.2 percent of its equity and is a signatory to theagreement, remained committed to the deal.
Last April, Kingfisher struck a deal with the ANPF and theTabur family to buy their holdings for 15 euros a share. Theagreement was binding, subject only to regulatory clearance.
Subsequently Kingfisher was to make a mandatory offer to buyMr Bricolage shares held by minority shareholders.
The deal with the major shareholders was submitted toanti-trust authorities on Jan. 26.
Mr Bricolage declined to comment.
The situation is a headache for Kingfisher's new chiefexecutive Veronique Laury, who succeeded Ian Cheshire on Dec. 8and is scheduled to present 2014-15 results on March 31.
($1 = 0.9121 euros) (Reporting by James Davey and Neil Maidment; Additionalreporting by Dominique Vidalon; Editing by Mark Potter)
