Wesfarmers to Acquire Coles in Australia’s Biggest Deal
The Wesfarmers offer of cash and its own shares values Coles at $17.25 a share, and will create the nation's 10th biggest company by value - in line with Woolworths at $33 billion.
03/07/07 The Coles Board has unanimously recommended a scrip and cash proposal from Wesfarmers to acquire Coles Group Ltd (Coles) at an enterprise value of $21.9 billion or $17.25 per share (including a 25 cent dividend). The move for the Coles retail empire will seal the biggest takeover in Australian history.
The Wesfarmers offer of cash and its own shares values Coles at $17.25 a share, and will create the nation's 10th biggest company by value - in line with Woolworths at $33 billion.
Acceptance of the offer, to be voted on by Coles shareholders, will mean a cleanout of the present board. The merged company will be owned approximately 44% by Coles shareholders and 56% by existing Wesfarmers shareholders.
