Kingfisher to sell 70% controlling stake in B&Q China

Home improvement retailer Kingfisher has agreed to sell a controlling 70% stake in its B&Q China business to Wumei Holdings for £140m.The transaction, which is still subject to approval from the Chinese Ministry of Commerce, should be finalised in the first six months of 2015, the group said, adding that the divestment is part of a strategy aimed at finding a strategic partner to help develop its B&Q business in China."I am delighted to have found a strong retail partner who will help us to release the financial value of our business in China," said group's chief executive Véronique Laury."This will enable us to focus our financial resources and management talent on the large and attractive European home improvement market."