Tesco has remained tight-lipped on fresh reports coming out of Australia that it has formally joined the race to buy local retailer Coles Group.
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According to local reports, the UK’s largest retailer is eyeing Coles’ Everyday Needs business, comprising the company’s food, liquor and Kmart divisions.
There have been claims that Tesco has already entered the data room to run the rule over the Coles books.
However, a spokesman for Tesco’s international business stayed silent when asked about the reports. “We don’t comment on market rumours or speculation,” the spokesman told just-food today (1 May).
The race to buy Coles is heating up following news yesterday that former Asda executive Archie Norman has joined a bidding consortium headed by Australian conglomerate Wesfarmers.
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By GlobalDataWesfarmers, whose businesses include hardware stores, insurance and coal mines, is battling a private equity consortium led by KKR to attain control of Coles. Woolworth’s, Australia’s largest retailer, has also signalled its interest in taking on some of Coles’ businesses.
If its bid is successful, Wesfarmers would take control of 50% of Coles’ core businesses, with the remainder held by its consortium partners, private equity firms PEP and Permira and Macquarie Bank.
