Wesfarmers offer accepted

Coles, the Australian supermarket chain, has agreed to a buyout by the Wesfarmers conglomerate. As reported in the Lebensmittelzeitung trade journal, the second largest Australian retailer has announced that its board of directors is recommending shareholders to accept the Wesfarmers offer. The offer values Coles at the equivalent of around € 13.81 bn. Wesfarmers is a conglomerate with experience in the retail trade through its successful DIY chain, Bunnings Warehouse.