Business Services Industry
Coles board sticks to hard line.
Australasian Business Intelligence, May, 2007
Byline: Simon Evans
May 03, 2007 (The Australian Financial Review - ABIX via COMTEX) -- Coles Group will not allow Wesfarmers into its data rooms until the conglomerate agrees not to approach other Coles shareholders about their stock. Coles insists it wants the sale process to be seriously competitive, but Wesfarmers, having already paid $A2.1bn for 12.8 per cent of the big Australian retailer, does not want to concede anything to rival bidders. Coles shares closed down $A0.10 to $A17.62 on 3 May 2007. Meanwhile the resignations of senior staff continue at the Myer department store chain, with the departure of menswear business manager Andre Reich.
Publication Date: 4 May 2007
COLES GROUP LIMITED - ASX CGJ
WESFARMERS LIMITED - ASX WES...
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