Kingfisher prepare to sell electrical business

Retail giant Kingfisher today dismissed reports it was gearing up to sell its electrical business in a £3bn (€4.69bn) deal.

A report in The Observer said the owner of B&Q and Comet had ditched original demerger plans and was now seeking a sale, which could be concluded by Christmas.

The article added that rival retailer Dixons was interested in Darty, the French electrical chain owned by Kingfisher. But a Kingfisher spokesman dismissed the report.

Kingfisher unveiled plans to take full control of French DIY chain Castorama and demerge its electrical interests earlier this year. The group wants to focus solely on DIY.