Officeworks attracts attention

11 April 2007 — Melbourne (AUS): Harvey Norman, the Australian electrical and furniture retailer, is considering buying Officeworks, having posted a 17.2 percent rise in Q3 sales and forecast "extremely strong" annual profit.

Chairman Gerry Harvey told Reuters: "We’re interested, I have to make a couple of phone calls in the next week and see what I need to do."

 

It is also understood that Coles Myer, the parent company of Officeworks which has put itself up for auction, has received interest for its OP business by Woolworths, the biggest retailer in Australia.

 

Coles itself is believed to be discussing two rival bids for the possible sale of the entire group for roughly AUD$19.7 billion ($16.2 billion) with Kohlberg Kravis Roberts, which is leading a private equity consortium, and Perth-based Wesfarmers.