Business Services Industry
Desperate bid to keep second horse in race.
Australasian Business Intelligence, June, 2007
Byline: Simon Evans
Jun 21, 2007 (The Australian Financial Review - ABIX via COMTEX) -- Australian retailer, Coles Group, is in a desperate position in its attempt for a competitive auction for the sale of its assets. It is thought that the performance of its supermarkets is worsening, putting it in a poor bargaining position. Coles has offered inducements to keep the US private equity consortium in the bidding. However, the consortium has been unable to reach agreement with Woolworths on a joint bid. Without a serious rival, Wesfarmers does not want to pay more than needed for Coles assets. Coles could still opt to sell its businesses separately, but this would take time and carry significant risk.
Publication Date: 22 June 2007
COLES GROUP...
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