France's anti-trust authority said Monday it authorizes Point P, a unit of French construction materials group Compagnie de Saint Gobain SA (>> SAINT GOBAIN), to take control of Brossette, a unit of U.K. group Wolseley (>> Wolseley plc), subject to the sale of 22 stores.
In a statement, the anti-trust body, Autorite de la concurrence, said that both Brossette and Point P are active in the sector of wholesale cleaning, heating and air-conditioning products.
It added, the takeover would have resulted in the new structure having a large market share or even a monopoly, notably in the west of France and the west of the Paris region. Point P has therefore agreed to sell 22 stores, 20 belonging to Brossette and two belonging to Point P.
-By Nadya Masidlover, Dow Jones Newswires; +33 1 4017 1740; [email protected]