Australia's Coles up for sale, shares surge
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Australian retailer Coles Group Ltd. put itself up for sale on Friday after receiving a number of takeover approaches, saying it believed it was worth more than A$18.2 billion ($14.3 billion).
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The Australian share market renewed its climb Tuesday, led by gains on Wall Street and a turnaround in the miners that had driven the market to its biggest fall in six months the day before.
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Shares in takeover target National Foods have pushed further ahead on the Australian Stock Exchange. Yesterday, they surged more than 5 per cent higher to $6.25, after Philippine food and drink giant San Miguel
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Australia&#39;s S&amp;P/ASX 200 Index fell from a record. Coles Myer Ltd. dropped for the second day on concern its second-half earnings announced yesterday don&#39;t justify its share price.
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Giant retailer Coles Myer has lifted its bid for pubs group Australian Leisure &amp; Hospitality (ALH) to Aust. $1.32 billion ($978 million) in an attempt to secure a knockout victory over arch-rival Woolworths.
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SYDNEY : Australian flag carrier Qantas Airways said that British Airways had sold its 18.25 percent shareholding to a range of investors, as its shares surged on the news.
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Australia&#39;s biggest retailer Coles Myer has joined the bidding war for pubs group Australian Leisure and Hospitality (ALH), offering Aust.
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Wesfarmers Ltd. , which owns Australia's largest hardware chain, has agreed to buy retailer Coles Group Ltd.  for A$20.7 billion ($17.7 billion) in cash and stock, in the country's biggest takeover.
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Share in healthcare conglomerate Australian Pharmaceutical Industries surged more than five per cent in early trade today after the company moved to boost its retail pharmacy operations by acquiring health, beauty and lifestyle retailer New Price Retail
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Private equity group CVC   pulled out of a consortium eyeing Australia&#39;s Coles  Group Ltd. , but analysts said the group still had  plenty of financial firepower to pursue its bid.
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Europe's major stock indices have climbed after Wall Street had rebounded overnight, and on takeover news which included a multi-billion-dollar buy-out of Australian airline Qantas.
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Australia&#39;s biggest retailer Coles Myer has posted a record net profit of Aust. $576.5 million ($403 million) and says it is on track to achieve its 2006 target of A$800 million.
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Australian stocks rose as Metcash Trading Ltd. had its biggest gain in almost four years after Citigroup Inc. raised the stock&#39;s rating, citing an offer to buy Foodland Associated Ltd.
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WM Morrison shares jumped sharply yesterday after it reported strong sales at Safeway stores converted to the Morrisons name and said it would speed
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Australian retailer Coles Myer intensified the battle for the ALH pubs and liquor chain yesterday, topping an offer by Woolworths with aA$1.
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SYDNEY: Australian retailer Woolworths Ltd has upped the stakes in the bidding war for ALH Ltd. offering more money than giant rival Coles Meyer did last week but then giving the pub and liquor store group just over four hours in which to accept.
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Australian conglomerate Wesfarmers Ltd.  is close to buying retailer Coles Group Ltd.  after sweetening its bid to as much as A$20.7 billion ($17.7 billion), the largest takeover in Australian corporate history.