Retailer shows interest after Texas Pacific drops out
Australian retailer Wesfarmers looks set to win the race to buy Coles after a rival private equity consortium led by Texas Pacific Group (TPG) pulled out of the running.

Coles said the TRP buyout group, which also included private equity firms Carlyle and Blackstone, may be interested in an alternative investment structure, but did not give details.

Earlier this month, Bain Capital became the third company to exit the consortium, after the earlier departures of Kohlberg Kravis Roberts (KKR) and CVC amid concerns about the performance of some of Coles' businesses.

However, Wesfarmers - one of Australia's largest public companies - made an offer of Aus$19.7 billion (£8.33 billion) for Coles three months ago and looks to be the clear frontrunner.

Coles put itself up for sale in February after a profit downgrade, following declining sales in its supermarket division.