Coles Myer in takeover talks

SPECULATION is rife that Coles Myer Ltd could be subject to a takeover bid within days. This follows an announcement of a new management plan, under which the company’s food, bottle shops, petrol and general merchandise businesses will be brought under the Coles banner and the Target and Officeworks businesses operated separately, as well as the $1.4 billion sale of its Myer Department stores. Coles Myer Ltd released a statement to the ASX earlier this week saying it had been approached by a number of parties that wished to hold discussions regarding the company’s ownership, and that the board would consider any bona fide proposals put forward by those parties