Business Services Industry
Plan to woo small Coles shareholders.
Australasian Business Intelligence, June, 2007
Byline: Simon Evans and Jemima Whyte
Jun 24, 2007 (The Australian Financial Review - ABIX via COMTEX) -- The Wesfarmers conglomerate in Australia is keen to buy the large retailer, Coles Group. It has offered up to $A20 billion to buy Coles. Wesfarmers has come up with a plan to encourage the smaller shareholders in Coles to warm to the deal. Wesfarmers is fine-tuning a strategy to allow Coles shareholders to exchange up to 750 of their Coles shares for stock in Wesfarmers. These shareholders would benefit from capital gains tax (CGT) rollover relief. Analysts believe that the offer of Wesfarmers stock will please Coles shareholders who do not want to pay CGT.
Publication Date: 25 June 2007
COLES GROUP LIMITED - ASX CGJ
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