Coles agrees Wesfarmers takeover

Tooronga, Australia: Coles Group has agreed to a takeover by Australian conglomerate Wesfarmers in a A$21.9bn (£9.2bn) deal. Coles Group chairman Rick Allert said: "This is a good outcome for Coles shareholders that recognises the significant turnaround of the company over the past five years and the future opportunity of the company's new growth strategy." Wesfarmers had faced competition from a private equity consortium including Blackstone Group, Texas Pacific Group and Carlyle Group.