Woolworths Wins Australian Leisure Bidding Contest
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Woolworths Ltd. won aA$1.3 billion ($997 million) takeover battle against Coles Myer Ltd. for Australian Leisure &amp; Hospitality Group, cementing its position as the nation&#39;s biggest liquor retailer.
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WOOLWORTHS has cemented its advantage in the tussle for Australian Leisure and Hospitality, less than an hour before it would have ceded victory to Coles Myer.
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The Takeovers Panel said today the Woolworths bidding group had offered two undertakings on its proposed $1.2 billion bid for Australian Leisure &amp; Hospitality Group that resolved concerns from rival bidders.
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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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Australia's flagship airline Qantas accepts an improved takeover bid by a consortium led by Macquarie Bank.
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WOOLWORTHS and joint venture partner Victorian pubs owner Bruce Mathieson have until 7pm today to withdraw or extend their bid for Australian Leisure and Hospitality.
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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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WPP Group Inc., the world&#39;s second- largest marketing and advertising company, said it won the bidding for Grey Global Group Inc.
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The worldâs most valuable shopping mall owner, Westfield Group , has agreed to join with Australian developer Multiplex Group and two other investors in a 585 million pound bid ($1.
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SYDNEY (Dow Jones)--Coles Myer Ltd. (CML.AU) blinked first in the bitter and expensive battle for a sliver of Australia&#39;s A$11 billion retail liquor market, handing victory to arch rival Woolworths Ltd.
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WPP Group Plc, the world&#39;s second- largest marketing and advertising company, said it won the bidding for Grey Global Group Inc.
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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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High Street chain Woolworths reports narrower half-year losses after a pick-up in sales at its retail division.
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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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Australia's competition regulator will  not oppose Suncorp-Metway Ltd.'s  planned A$7.36  billion ($5.8 billion) takeover of rival Promina Group   to create the nation's second-biggest car and home insurer.
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Coles Myer has branded the new Woolworths bid offered for Australian Leisure &amp; Hospitality Group as unacceptable. Coles Myer, which has teamed up with Macquarie Bank through joint venture vehicle CMM Hotel
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Australian regulators intervened on Monday in the escalating fight for control of the pub operator Australian Leisure &amp; Hospitality Group, thwarting an attempt by the retailer Woolworths to trump its larger rival Coles Myer by presenting shareholders with