Intergamma: departure largest shareholder sparks turmoil

Intergamma: departure largest shareholder sparks turmoil

Irish group CRH, which owns nearly 50 % of DIY Intergamma’s shares, wants to sell those shares, but the other shareholders cannot find an appropriate solution.

To destroy the shares or not

CRH owns 49.8 % of shares and also manages 155 Gamma and affiliate chain Karwei stores. It now wants to sell all of its shares and the other shareholders are candidates to acquire the shares.


The other shareholders are the other store managers, which own 221 stores and 43.9 % of shares. The board also controls 6 % of shares and it proposes the other shareholders buy CRH’s shares for 140 million euro, spread over a seven-year period


The board then wants to place these shares in a foundation, giving independent board members voting rights, but that is not to the store owners’ liking. They fear the foundation will back the board’s decisions, which is why they prefer to destroy the shares, increasing their own stake in the company. “If we pay, then we want to have a larger say”, they claim.



French Bricorama is also part of the discussion: it owns 3 % of shares and manages 41 Belgian and 34 Dutch Gamma stores and may also want to sell its stake in Intergamma. Owner Jean-Claude Bourrelier has already been selling his Spanish and French stores, which would leave him with the Belgian and Dutch stores. This increases the likelihood those will be sold as well, giving Bricorama no impetus to first invest heavily in the acquisition of CRH’s shares.