Shareholders at Australian retail giant Coles Group have voted in favour of a US$16.6 billion (£7.89 billion) takeover by rival Wesfarmers. More than 99 per cent voted in favour.
The combined group will become Australia’s largest retailer with revenues of US$37.1 billion (£17.63 billion). Wesfarmers has said the turnaround could take up to five years and it plans to replace the existing supermarket management with retail experts including ex-Asda executive Archie Norman.
Wesfarmers chief executive Richard Goyder said: “We have got a heck of a lot of hard work ahead of us now.”
However, he said any planned changes would not be implemented until next year, so as not to disrupt business in the run-up to Christmas. The takeover is due to take place on November 23.
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