Australia’s Coles Group said on Friday it had ended discussions with U.S. private equity firm TPG Capital over a potential acquisition of Greencross Pet Wellness, sending its shares up as much as 5%.
Background
The announcement came weeks after Australia’s No. 2 grocer confirmed talks were underway for the purchase of the pets and vets business, a disclosure that had sent its shares down more than 4%.
Local media reports had said TPG was likely aiming for an A$4 billion ($2.80 billion) deal, the valuation it had planned to seek for the business in a potential float.
Coles shares rose as much as 5% to A$23.68 on Friday and were on track for their biggest one-day gain since early March, pushing the staples sub-index more than 2% higher.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
