Coles ends talks for reported $4 billion deal with pet company
Coles Group has officially terminated negotiations to acquire the Greencross Pet Wellness Company, a deal previously estimated at $4 billion. Following the announcement, Coles' share price rose by over 4 percent.
Why it matters
The collapse of this deal signals a shift in retail consolidation strategies within the Australian pet care and supermarket sectors.
shares Share article Supermarket giant Coles has walked away from discussions with Australia ’s largest pet company about a potential $4 billion acquisition.
Coles confirmed earlier this month was in discussions with TPG Capital about a potential buyout of Greencross Pet Wellness Company.
Coles has walked away from discussions with Australia’s largest pet company about a potential acquisition deal. Getty
The supermarket confirmed in a statement to shareholders this morning those talks have since ended.
Shares in Coles jumped by more than 4 per cent to $23.52 after the announcement.
“Coles applies a disciplined approach to acquisitions, and as one of Australia’s leading retailers, regularly assesses strategic opportunities that may complement its existing business,” a spokesperson said.
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