ALH shares surge on Coles bid
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SHARES in Australian Leisure &amp; Hospitality Group Ltd (ALH) jumped more than nine per cent in morning trade today after retailer Coles Myer finally joined the bidding war for the pubs and bottleshops operator.
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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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Shares in Barclays Bank have surged 4% on speculation it may receive a takeover bid from Bank of America.
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Australia&#39;s S&amp;P/ASX 200 Index rose to a record. Foodland Associated Ltd. surged after Metcash Trading Ltd., the nation&#39;s biggest grocery wholesaler, offered A$846 million ($660 million) for Foodland&#39;s local business.
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SYDNEY (Dow Jones)--Coles Myer Ltd. (CM) and Macquarie Bank Ltd. (MBL.AU) were Wednesday night close to finalizing a fresh bid for pubs and liquor group Australian Leisure &amp; Hospitality Group Ltd.
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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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Retailer Woolworths raised its bid Thursday for Australian Leisure &amp; Hospitality Group (ALH) by 15 percent to Aust. $1.11 billion ($795 million), topping an offer by private equity firm Newbridge Capital.
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INVESTORS stocked up on Woolworths shares today on renewed faith that the supermarket leader could withstand heavy competition from rival Coles Myer.
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WOOLWORTHS yesterday hit back at rejuvenated competitor Coles Myer with a 13 per cent jump in full-year net profit and a belief it can replicate the performance in the coming year.
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Shares in Barclays  surged over 4 percent toward their record high on Thursday as traders said talk returned that Spanish or U.S. banks were casting an acquisitive eye on Britain's third-biggest bank.
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Shares in Barclays  climbed for a second day on Friday as speculation mounted that Bank of America  could bid for the UK bank, with a leading analyst saying there could be strong merit to an acquisition.
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Trading in the shares of Australian retailer Coles Group Ltd.  and conglomerate Wesfarmers Ltd.  was halted on Monday for talks on a bid by Wesfarmers for Coles that could be worth up to A$20.7 billion ($17.7 billion).
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Shares in ailing Italian national  carrier Alitalia surge on speculation that Air France is preparing to bid for the airline.
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SHARES in grocery wholesaler Metcash Trading jumped 14.6 per cent yesterday as investors welcomed its surprise takeover bid for Foodland Associated&#39;s Australian operations.
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Alitalia&#39;s shares soared yesterday as hopes increased that the struggling Italian airline and labour unions might clinch a deal on a relaunch plan aimed at saving the company before a deadline today.
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Australia&#39;s biggest retailer, Coles Myer, beat its forecasts with a 26.5 per cent rise to record annual profits and said it was on track to meet profit growth forecasts for the next two years.
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Trading in the shares of Australian  retailer Coles Group Ltd.  and conglomerate Wesfarmers  Ltd.  was halted on Monday for talks on a bid by  Wesfarmers for Coles that could be worth up to A$20.7 billion  ($17.7 billion).