Business Services Industry
Wesfarmers fails to sway big players.
Australasian Business Intelligence, May, 2007
Byline: Vanda Carson
May 02, 2007 (The Sydney Morning Herald - ABIX via COMTEX) -- Australian conglomerate, Wesfarmers, was unsuccessful in its attempt to buy more shares in retailer, Coles Group. It approached institutional stockholders on 1 May 2007 but none were tempted by the offer of $A17.25 a share. Wesfarmers holds 12.8 per cent but hoped to build a blocking stake. It now has little reason to delay its move into Coles' data room, after which it cannot buy shares. No buyers have yet moved into the data room, despite rumours that UK retailer, Tesco, was the first to access it. Coles' share price rose by $A0.45 to $A17.72 on 2 May.
Publication Date: 3 May 2007
WESFARMERS LIMITED - ASX WES
COLES GROUP LIMITED - ASX CGJ
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