Wesfarmers shares rise on reports of Tesco's Coles withdrawal
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Thursday, 10 May, 2007 - 12:52
Shares in Wesfarmers Ltd are up almost two per cent on reports that UK supermarket chain Tesco had decided not to make a bid for Coles Group, after deciding it was not a sound move.
"They viewed it as a massive turnaround being required and a huge resource commitment," the source told Reuters.
If true, Tesco's withdrawl would leave Wesfarmers and US private equity giant Kohlberg Kravis Roberts as the two remaining bidders for the company.
Wesfarmers shares were up 1.96 per cent to $39.10 at at close of trade, while Coles shares were up 0.45 per cent to $17.80.
Shares in Woolworths were also up 1.62 per cent, closing at $28.84.
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