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ASX up 0 6 per cent, Wesfarmers bid wins over API

ASX up 0 6 per cent, Wesfarmers bid wins over API
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Australian pharmaceutical industriesAustralian pharmaceuticals industriesPharmaceuticals industriesஆஸ்திரேலிய மருந்து தொழில்கள்ஆஸ்திரேலிய மருந்துகள் தொழில்கள்மருந்துகள் தொழில்கள்

Wesfarmers takes M&A temperature

Reuters 3 minute read A man walks in the fruit and vegetables section at a Coles supermarket (main Wesfarmers brand) in Sydney, Australia, February 20, 2018. Picture taken February 20, 2018. MELBOURNE, July 12 (Reuters Breakingviews) - Wesfarmers (WES.AX) has made a surprise pounce for a chain of pharmacy and beauty stores. At A$687 million ($514 million), the unsolicited offer for Australian Pharmaceuticals Industries (API.AX) equates to barely 1% of the retail, chemicals and energy conglomerateâs market value. But itâs a handy way for Chief Executive Rob Scott to take the M&A temperature of his shareholders. He has spent much of his four years in charge of Wesfarmers reducing sprawl by spinning off the Coles supermarket chain, selling a coal mine and overhauling brands like Target and Kmart (neither are related to the U.S. outlets). The companyâs enterprise now trades at 14 times forward EBITDA, up from just 9 times three years ago. Debt is lower and the company

Abu dhabiAntony currieJeffrey goldfarbRob scottKatrina hamlinAustralian pharmaceuticals industriesReuters breakingviewsChief executive rob scottஆண்டனி கியூரிஜெஃப்ரி கோல்ட்ஃபார்ப்கொள்ளை ஸ்காட்காற்றின ஹாம்லின்ஆஸ்திரேலிய மருந்துகள் தொழில்கள்