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Wesfarmers eyes Coles Group

DIVERSIFIED industrial group Wesfarmers Ltd is pursuing a takeover of Coles Group Ltd, after gaining voting power over 11.3 per cent of its shares. Wesfarmers was the buyer of Coles shares held by Premier Investments Ltd, the listed investment vehicle of former Coles chairman Solomon Lew. It also has the backing of institutional shareholders as it plans a bid for Australia’s second biggest retailer, which could be worth around $19.7 billion.

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