A consortium fronted by US private equity group KKR has reportedly been granted exclusive access to the books of the Coles Group, giving it an advantage in the A$19.7bn (US$16.4bn) auction for Australia’s second-largest retailer.

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Since putting itself on the block, Coles has attracted two separate bids from the KKR-led syndicate and an investment group fronted by Australian conglomerate Wesfarmers. Australia’s largest retailer Woolworths has also signalled its interest in Coles’ Target and Officeworks units.


According to a Dow Jones report citing an unnamed source familiar with the situation, the KKR consortium signed a confidentiality agreement with Coles on Friday (11 May).


Wesfarmers will have to wait at least two weeks before entering the data room.

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