Analysts have talked down the chances of Castorama, the French do-it-yourself retailer, getting a higher price for 45% of its shares than the €5bn ($4.6bn) offered by Kingfisher, its parent.

Castorama Dubois Investissements, the holding company that controls half of Castorama's board, has rejected Kingfisher's bid of €67 a share on legal and strategic grounds. It is also understood to believe the shares are worth more.