SYDNEY (XFN-ASIA) - The Kohlberg Kravis Roberts-led consortium vying for control of retailer Coles Group Ltd said global private equity firm CVC has withdrawn from the bidding consortium.
A spokesman for the bidding group confirmed CVC's departure which will strengthen the chances of a rival bidder led by Wesfarmers Ltd winning control of Australia's largest retailer.
The KKR consortium finished two weeks of examining Coles' books on Friday and is yet to make an offer.
The Wesfarmers group has already offered 19.7 bln aud or 16.47 aud a share for Coles with a part scrip alternative.
Coles closed at 17.45 aud on Friday.
(1 usd = 1.30 aud)
bruce.hextall@xfn.com
blh/mas
© 2007 AFX News
