Business Services Industry
Coles sale hits speed bump.
Australasian Business Intelligence, April, 2007
Byline: Simon Evans
Apr 18, 2007 (The Australian Financial Review - ABIX via COMTEX) -- Two groups are bidding to take over the Coles Group, a large retailer in Australia. The business will sell for around $A20 billion. The two main suitors are a consortium led by Kohlberg Kravis Roberts (KKR) and the Australian conglomerate, Wesfarmers. Coles has set up a data room for due diligence, but the two bidders are arguing about who has right of access to it. Meanwhile, Coles is continuing to shed administrative staff in a major cost-cutting program. On 18 April 2007, its shares dipped by $A0.09 to close at $A17.13.
Publication Date: 19 April 2007
COLES GROUP LIMITED - ASX CGJ
WESFARMERS LIMITED - ASX WES
WOOLWORTHS LIMITED - ASX WOW...
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