Wesfarmers said yesterday that it had no plans to sell off any businesses to fund its bid for Australian conglomerate second-largest retailer Coles.
Wesfarmers Ltd is spearheading a A$19.7 billion (US$16.1 billion) bid for Coles Group Ltd which, if successful, would be one of the biggest takeovers in Australian corporate history.
The company, a leader in home improvement and building supplies, last week led a share raid on Coles which netted more than 11 percent of its stock.
Chief executive Richard Goyder said the company would not divest itself of other businesses such as coal or fertilizer to fund the proposed Coles purchase.
"We're a diversified business and proud of it, and it has been one of the great strengths of Wesfarmers over time," Goyder told Sky News.
"We don't need to sell any assets to finance this deal and we look forward to all businesses at Wesfarmers contributing to our future growth," he said.
Goyder said Wesfarmers had made a compelling offer for the retailer which includes supermarkets, liquor stores, an office supply chain and budget department stores Target and Kmart.
"It delivers outstanding value to Coles shareholders," he said.
"We don't require any regulatory approvals ... we can get an offer to their shareholders in good time," he said.
Wesfarmers is part of a consortium with investment bank Macquarie Bank, local private outfit Pacific Equity Partners and Europe's Permira to launch a bid worth more than A$2 billion to snare Coles.
The offer comes after Coles rebuffed a bid from US firm Kohlberg Kravis Roberts (KKR).
KKR's proposal of A$15.25 per share was rejected as significantly below the company's true value.
Wesfarmers has offered A$16.47 cash per Coles share.
Coles announced in February it wanted a competitive auction of its assets after it said it would not achieve its profit target for next year.
Key shareholder Hedley Group, a property developer and construction company which holds a 1.5 percent stake in Coles Group, said it would support the Wesfarmers offer.
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique