Rothschild confirms price

The bank Rothschild et Cie. has confirmed the € 67 per Castorama share offered by Kingfisher as a fair price. Kingfisher now intends to make the formal offer to shareholders following clearance from the competition authorities, expected in August. The takeover price will thus be € 5.1 bn (£ 3.3 bn) as originally announced.  A rights issue is to proceed immediately to raise £ 2.0 bn, with Kingfisher shareholders being offered one new share for each existing share held up to the close of business on 8 July 2002 at a price of 155 pence per new share.