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B&M (BMELN; Ba1/BB+) Rumours UK DIY retailer, Homebase, back for sale

CONSUMER STAPLES
  • No values given and sky cites reports that UK and Ireland stores may be sold separately. Homebase has circa 144 stores, only 8 in the Republic of Ireland. UK retailer 'The Range' is reported to have approached it while B&M is only cited as a potential bidder if wider formal sale process is tabled.
  • Bidding for it would seem to align with B&M mgmt comments in earnings last week. Reminder the UK (90%) & France (10%) value retailer is circa 50/50 split between FMCG and general merchandise - its seeing more opportunities in the latter was what it said last week.
  • Re. Homebase; in 2016 Aussie conglomerate (& local issuer) Wesfarmers (A3/A-) bought it for £340m taking a loss 2 years later when it sold it to special situations manager Hilco for £1.
  • Cheap view on the £B&M28s is unch on the above.

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