Kingfisher's proposed acquisition of French DIY chain Mr Bricolage is off, the company confirmed today.
Kingfisher is also expected to announce that chief executive of B&Q UK and Ireland Kevin O'Byrne will step down from his post, when it releases its annual results tomorrow.

The B&Q and Screwfix parent revealed its intention to buy Mr Bricolage last April, and signed an agreement in July with the French firm's principal shareholders to acquire their shareholdings, subject to satisfactory anti-trust clearance.

However, the agreement was to lapse if the clearance was not obtained by March 31 2015, but with the proviso that an extension could be agreed by all parties. Now, according to Kingfisher, the ANPF group of Mr Bricolage franchisees which holds 41.9% of Mr Bricolage share capital has refused any extension.

Kingfisher warned last week that the majority of Mr Bricolage's board and the ANPF had reservations about the deal, although the founding Tabur family, which owns 26.2%, were still keen for it to go ahead.

In a statement today Kingfisher said: "The transaction will not proceed. Kingfisher is considering all of its options."

Meanwhile, Kevin O'Byrne's role as B&Q boss is reported to be under threat as Kingfisher undertakes a restructuring of its leadership. The shake-up is understood to be part of a move to bring B&Q closer to Kingfisher's French DIY chain Castorama and under the control of new chief executive Veronique Laury.