Wesfarmers goes it alone for Coles

Australian conglomerate Wesfarmers is nearing agreement in its exhaustive talks to buy retailer Coles after sweetening its bid to as much as A$20.7 billion. Trading in the shares of both companies has been suspended pending an announcement. Wesfarmers is bidding alone for Coles, Australia’s second-largest grocer, after its private equity partners, Permira and Pacific Equity Partners, withdrew over the weekend.

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