13th Jan 2016 17:15
LONDON (Alliance News) - Australian retail giant Wesfarmers Ltd is in advanced talks to buy DIY chain Homebase from Home Retail Group PLC for about GBP350 million, Sky News reported Wednesday.
The report said that Wesfarmers and Home Retail were trying to finalise a deal in time for it to be announced along with Home Retail's trading update, due to be released Thursday morning.
If the deal were secured it would simplify a separate takeover approach from J Sainsbury PLC to buy Home Retail. Sainsbury's said last week it had made an offer for Home Retail in November, and has until February 2 to either make a firm offer for the company or walk away under UK takeover code.
Shares in Home Retail closed up 4.1% at 147.69 pence Wednesday.
http://news.sky.com/story/1622098/wesfarmers-in-talks-to-buy-homebase-for-350m
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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