Wesfarmers acquired Coles Group Ltd for $19.3 billion, in Australia’s biggest corporate takeover. Persevering through the withdrawal of its private equity partners and the looming global financial crisis, Wesfarmers’ offer was accepted by Coles’ board on 1July and approved by Coles shareholders in November. Three new divisions were created as a result – Coles, Kmart and Target – while Officeworks and HarrisTechnology joined Bunnings in the Home Improvement and Office Supplies Division.
See Also
Demerger of Coles