Coles Myer lifts pubs bid to $978m
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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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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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Coles Myer, the Australian retailer, rejected a $13 billion offer from buyout firms led by Kohlberg Kravis Roberts & Company as too low. The offer, 14.50 Australian dollars ($11.16) a share, Âsubstantially undervaluedÂ the company, said Coles MyerÂs chairman, Richard H. Allert. The bidding group, which includes Bain Capital and the Blackstone Group, wanted management backing for the offer, Mr. Allert said. Coles Myer, which is based in Melbourne, has about 35 percent of AustraliaÂs grocery market, and Woolworths, based in Sydney, has about 40 percent.
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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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The pound was firmer, hitting 1.9846 usd at one point -- its highest level this year, on news of a major stock market acquisition and as markets scaled back their interest rate cut expectations. Scottish & Newcastle, the UK's largest brewer, announced it has agreed to be bought by Carlsberg and Heineken, for around 7.6 billion pounds.
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Supermarkets are taking business from pubs and the cost of fighting back with price cuts is hitting sales and profits, JD Wetherspoon says.
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Australia's second-biggest retailer,   Coles Myer Ltd., on Wednesday rejected a A$17.3 billion ($13.3   billion) buyout bid by a private equity consortium, saying it   substantially undervalued the company.
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Australia's second-biggest retailer,  Coles Myer Ltd., on Wednesday rejected a A$17.3 billion ($13.3  billion) buyout bid by a private equity consortium, saying it  substantially undervalued the company.
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COLES Myer Ltd chief executive Mr John Fletcher yesterday said he was interested in branching out from the retail business into financial planning services for the groups customers.
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WOLVERHAMPTON &amp; Dudley, Britainâs biggest regional brewer, said it was buying another beer-making company in a Â£119 million swoop as it posted improved profits for the year.
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COLES Myer chief John Fletcher yesterday declared the company on track to reach $800 million in annual profit by 2006 after handing down the highest result in the company&#39;s history, with all key divisions firing.
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SYDNEY - Woolworths has sealed its position as the country&#39;s top liquor retailer with its joint A$1.33 billion ($1.42 billion) bid for pubs chain ALH, beating rival Coles Myer.
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Business & money: Shares jump more than 12% after embattled bank reveals takeover offers.
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COLES Myer was weighing up its options last night as the ding-dong auction for pubs group Australian Leisure &amp; Hospitality got dirty.
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Woolworths Ltd. won aA$1.3 billion ($997 million) takeover battle against Coles Myer Ltd. for Australian Leisure &amp; Hospitality, cementing its position as the nation&#39;s biggest liquor retailer.
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Somerfield is embarking on a rapid expansion by buying small Safeway stores that are no longer wanted by WM Morrison. Having fended off an unwanted takeover bid last year, Somerfield raised Â£51m through a
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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.