Acquisition of Coles

Wesfarmers acquired Coles Group Ltd for $19.3 billion, in Australia’s biggest corporate takeover. Persevering through the withdrawal of its private equity partners and the looming global financial crisis, Wesfarmers’ offer was accepted by Coles’ board on 1 July and approved by Coles shareholders in November. Three new divisions were created as a result – Coles, Kmart and Target – while Officeworks and Harris Technology joined Bunnings in the Home Improvement and Office Supplies Division.

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