Wesfarmers nips past KKR with A$20bn bid for Coles

04 Apr 2007

Australia’s biggest home improvement retailer, Wesfarmers, has sneaked into the competition to buy Coles Group by making a A$19.7bn ($16bn) bid for the company yesterday (Wednesday)

This follows its surprise purchase of an 11.3% stake in Australia’s second largest supermarket chain on Monday.

Wesfarmers is offering A$16.47 a share for Coles, 8% more than the unsuccessful Kohlberg Kravis Roberts-led bid of A$15.25 last year.

Wesfarmers is teaming up with private equity firms Pacific Equity Partners, ...

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