Woolworths is preparing to begin due diligence on takeover target Coles Group, Australian reports have suggested.
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Woolworths, Australia’s largest retailer, was recently blocked from acquiring New Zealand discount chain Warehouse by competition authorities. It is now believed that the retail giant has turned its attention on the general merchandise business of Coles, Australia’s second largest retailer.
According to the AAP news agency, Woolworths has signed a confidentiality agreement and plans to enter the Coles data room this weekend.
Australian conglomerate Wesfarmers has already launched an A$19.7bn (US$26.3bn) bid for the entirety of Coles’ business, including Target, Officeworks and the company’s supermarket unit.
Coles shares closed one cent higher at A$16.53, while Woolworths ended two cents higher at A$27.52.
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