Coles shares drop after KKR exits bid group
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MELBOURNE/SYDNEY  - Shares in Australia's Coles Group Ltd.  fell as much as 4 percent on Tuesday after private equity group Kohlberg Kravis Roberts  pulled out of a consortium planning to bid for the retailer.
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Leading shares closed lower as Wall Street remained weaker after investors received mixed news on US housing data, with Tesco remaining down in the blue chips following disappointing first-quarter UK sales growth.
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Australian conglomerate Wesfarmers Ltd. on Monday offered 21.9 billion Australian dollars, or $18.6 billion, for retailer Coles Group Ltd. &#151; the largest takeover bid in Australian corporate history.
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Marks &amp; Spencer experienced poor summer trading and is expected to announce terms for its Â£2.3bn tender offer substantially below the 400p per share that billionaire Philip Green was prepared to pay to take over the ailing retailer two months ago.
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A consortium led by British insurer Prudential PLC has dropped its bid for a major South Korean state asset managing company.
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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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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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Shares in Australian Leisure &amp; Hospitality Group yesterday raced ahead of the latest takeover offer, gaining 23 Â¢ to $3.14 as investors speculated Coles Myer was building a strategic stake in the pub and poker machine operator.
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Australian retail giant Coles Myer launched a 1.18 billion dollar (861 million US) bid for pub and liquor store group ALH, trumping a lower offer by rival Woolworths.
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ALAN KOHLER: We&#39;re now halfway through Coles Myer&#39;s ambitious five year plan but this week&#39;s record profit announcement produced little more than a yawn from the market, grumbling that it has already priced in the good news.
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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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LONDON -- Shares of EMI Group PLC, whose artists include Coldplay and Robbie Williams, dropped more than 8 percent Thursday after the music company said it had ended takeover talks with an unidentified suitor.
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UK-based Standard Chartered suspends its shares in Hong Kong, ahead of an expected $3.3bn bid for a Korean bank.
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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.
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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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The withdrawal of private equity bidders from an auction for Australian retailer Coles Group Ltd.  has underscored how the demands of increasingly risk averse borrowers threaten some of the more debt-laden deals.
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STEVEN Cain&#39;s abrupt departure from Coles Myer&#39;s food, liquor and fuel business, where he was seen as the executive most likely to succeed John Fletcher, came as a shock to the share market but not to insiders.