U.S. News

Tesco Could Make Joint Bid for Coles - Report


Tesco could team up with Australia's biggest retailer, Woolworths, to mount a bid of at least £7.9 billion ($15.7 billion) for Coles, the country's second biggest retail group, reports The Times.

It says Woolworths is considering a partnership with Tesco as one of several options as it plans the carve-up of its rival. Woolworths has indicated it's interested in Officeworks, Coles' stationery division, and Target, the discount department store, but competition issues would not allow it to buy Coles' key supermarkets and liquor businesses.

Tesco would be expected to to take on the supermarkets business.