Wesfarmers to buy Coles

3 July 2007 — Sydney (AUS): Wesfarmers has agreed to buy Officeworks’ parent Coles Group for AUD$20.7 billion ($17.6 billion).

The deal, worth AUD$17.25 dollars per share to Coles shareholders, will make Wesfarmers the biggest retailer in Australia.

 

Richard Goyder, Wesfarmers’ chief executive plans to reinvigorate Coles’ sales by tempting customers away from rival Woolworths.

 

The company sees "significant growth opportunities" for Officeworks and plans to "accelerate store roll-out", while improving merchandise performance and building on its existing team and culture.