Monday 5 December 2016

Home Retail confirms Homebase sale to Wesfarmers

Published 18/01/2016 | 07:35

The Homebase store in Sligo.
The Homebase store in Sligo.

Britain's Home Retail confirmed the sale of its Homebase chain to Wesfarmers on Monday, and said it would return £200m of the proceeds to shareholders.

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The company, which retains its larger Argos business, said last week it was in advanced talks to sell the chain to the Australian company for £340m.

Wesfarmers said on Monday it would spend another A$500 million (£242m) refurbishing the 265 stores.

Home Retail rejected a separate approach from Sainsbury's for the whole group in November. The supermarket chain, which was mainly interested in Argos, has until February 2 to make a formal bid.

Reuters

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