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Kingfisher plans to spend $393m on Net

LONDON: UK retailer Kingfisher Plc is planning to spend 250 million pounds ($393 million) on stakes in several new Internet start-ups, The Sunday Telegraph newspaper said.

Kingfisher's Internet joint venture Liberty Surf, in which it owns a 45.5 percent stake, was floated last week.

The newspaper cited Anthony Fox, appointed head of Kingfisher's e-business ventures, as saying: "We do see a lot of opportunities it does mean you will see a lot of activity."

However, Liberty Surf's lacklustre debut on the Paris bourse saw Kingfisher's share price slip last week on the back of market anxieties over Internet stocks. Kingfisher's shares closed at 481 1/2 pence on the week.-Reuters