Castorama boss quits board

The head of the French DIY chain Castorama has resigned from the board of the UK group Kingfisher.

The move follows disagreements over Kingfisher's plans to buy the 45% of Castorama which it does not already own.

Jean-Hugues Loyez, the chairman and chief executive of the French company, has been bitterly opposed to the UK group's plans.

He told Castorama shareholders last week that he contested both the price and the rationale behind Kingfisher's offer of £3.2bn for the remainder of the business.

The aim of the deal is to strengthen Kingfisher's DIY operations, which include the B&Q chain in the UK.

A Kingfisher spokesman said Mr Loyez would continue to run Castorama but he had left the Kingfisher board as there was a "clear conflict of interest".

The Castorama board will now send its shareholders a circular inviting them to attend a meeting where a vote on the proposed Kingfisher takeover will be held.