Business Services Industry
Wesfarmers grabs Coles Group in mega deal.
Australasian Business Intelligence, July, 2007
Byline: Warren Beaumont
Jul 11, 2007 (Retail World - ABIX via COMTEX) -- The board of Coles Group has recommended its shareholders accept an offer for the retailer from Wesfarmers. The offer, which values Coles at $A22 billion, will be enacted by means of a scheme of arrangement, with Coles shareholders set to vote on the scheme in October 2007. Richard Goyder, the CEO of Wesfarmers, said it was keen to complete the purchase of Coles as soon as possible, so as to allow Coles staff to concentrate on improving its performance. He refuted claims that Wesfarmers planned to sell off some of Coles' businesses as soon as it secured ownership.
Publication Date: 9 July 2007
WESFARMERS LIMITED - ASX WES
COLES GROUP LIMITED - ASX CGJ
All...
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