Australian conglomerate Wesfarmers looks to be in the driving seat to buy troubled retailer Coles Group after a rival consortium said it would not bid by Saturday’s (30 June) deadline.
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Coles said today (28 June) that a syndicate of private equity groups Texas Pacific, Blackstone and Carlyle would not table an offer in time for the deadline.
However, the private equity groups have refused to quit the bidding process.
“The consortium has indicated that an interest in discussing with Coles an alternative investment structure,” the retailer said.
Wesfarmers has tabled a bid worth A$19.7bn (US$16.6bn) for Coles, Australia’s second-largest retailer, in a consortium with Macquarie Bank, as well as private equity firms Pacific Equity Partners and Permira.
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