Wesfarmers in box seat for Coles; US shares drop

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June 21, 2007

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From today’s Print Edition

Wesfarmers in box seat as rival Coles bidder falls over

Markets access

The $20 billion auction of ailing retailer Coles Group is in disarray after a consortium led by United States private equity group TPG pulled out of the sales process last night, leaving Wesfarmers as the only bidder for the entire business.

Symbion Health battle takes new twist

Essentials access

The takeover battle for Symbion Health’s consumer and pharmacy businesses intensified yesterday as underbidders Ironbridge Capital and Archer Capital topped a counter-bidder’s offer by just $1, only to be trumped by a bid worth $20 million more.

ATO signals investment bank crackdown

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Foreign banks operating in Australia that repeatedly incur tax losses will face tougher scrutiny by the Australian Taxation Office, tax commissioner Michael D’Ascenzo has warned the investment banking industry.

States feast on $19bn property taxes

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The states and territories have reaped a record $19 billion in land taxes and stamp duties over the past year, triggering renewed calls from business for reforms to the taxation system.

Stormy weather hits Suncorp

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Ferocious storms that have lashed Sydney and the Central Coast over the past two weeks will wipe $160 million from Suncorp-Metway profits this year.

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