Jun 24, 2018 Last Updated 1:01 PM, Jun 14, 2018

New Entry From the Editor :

Australian billionaires Rinehart and Forrest put Atlas Iron in spotlight with share deals

Australian billionaires Rineha…

AusBN - Gina Rinehart’s Redstone Corporation has reportedly purchased...

Australian GDP growth rate hits two year high on increasing mining exports

Australian GDP growth rate hit…

AusBN - Australia’s GDP growth rate has reached a two year high of 3...

Fortescue to construct $1.7 billion mine as WA approaches fresh mining boom

Fortescue to construct $1.7 bi…

AusBN - Fortescue Metals Group has confirmed it will build a new large-scal...

Wesfarmers offloads failed UK venture for just £1

boxes at warehouseAusBNABN - Wesfarmers has sold its beleaguered DIY chains Homebase and Bunnings UK to restricting form Hilco Capital for a meagre sum of £1.

The conglomerate paid AUS$705 million for Homebase in 2016, but wrote down the value of the venture by $1 billion in February.

The initial plan was for the company to use Homebase’s store portfolio to launch its Bunnings fascia and to take on rival brand B&Q, but it has now conceded that its foray in the UK was poorly executed.

Meanwhile, Wesfarmer’s 24 Bunnings stores in the UK will now be ‘promptly’ converted back into Homebase stores.

Managing director Rob Scott said executives would take responsibility for destroying more than $1.7 billion of shareholder value by taking ‘significant’ pay cuts.

Scott has been in the job for six months and is reshaping the group by spinning off its largest business, Coles. He added that the company’s ‘decisive’ exit from the UK would help restore shareholder faith.

The company expects to record a loss of between $350 million to $400 million in its full-year results.


This Month's Issue

v3i2 cover web


rgn web banner

abn web banner

Recent Tweets