29th Feb 2016 08:03
LONDON (Alliance News) - Home Retail Group PLC on Monday said it has completed the disposal of its Homebase DIY business to Australia's Wesfarmers Ltd, leaving the group focused on the competing bids tabled for the rest of the company.
Homebase has been sold to Wesfarmers for GBP340.0 million, with GBP200.0 million of the proceeds to be returned to Home Retail shareholders.
The completion leaves Home Retail focused on the two competing offers made for the company, which now only comprises the Argos catalogue retail unit. The offers include a cash and shares deal from J Sainsbury PLC, the British grocer, and a higher cash bid from South Africa's Steinhoff International Holdings NV, which owns bed retailer Benson for Beds and furniture store Harveys in the UK.
By Sam Unsted; [email protected]; @SamUAtAlliance
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