Australia’s largest supermarket group, Woolworths, says it is not planning to take over any of the country’s large retailers.
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The group has sufficient cash to make a large acquisition, said chief executive Roger Corbett. However, the ruled out making a bid for the David Jones or Harvey Norman retail groups, or the discount variety chain Kmart, which is owned by Coles Myer.
“We certainly have the capacity to buy something as big [as those companies] but we are not going to buy anything big unless it fits into our strategic plan and is shareholder accretive,” he told Channel 9.
Corbett also scotched rumours that the group is eyeing overseas acquisition targets, saying “Not at this stage. We might somewhere in the distant track down the road, but not at this stage”.
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