Australia's Coles Says Texas Pacific Won't Make Bid

Australian retailer Coles Group said on Thursday that Texas Pacific, Blackstone and Carlyle will not make a bid for Coles by Saturday's deadline, but have not withdrawn from the bidding process.

Coles said the consortium has indicated an interest in discussing an alternative investment structure.

Conglomerate Wesfarmers is the frontrunner with its A$19.7 billion ($16.7 billion) bid for the troubled supermarket chain, partnering with private equity firms Pacific Equity Partners, Permira and Macquarie Bank.