Home Retail Group’s DIY arm, Homebase, is now owned by Australian group Wesfarmers. The deal was completed at the weekend, approved at AGM last week, valuing the business at £340m. Homebase will disappear from the UK market, replaced by Wesfarmer’s owned Australian brand Bunnings.
Argos’ fate is till undecided. Sainsbury’s is considering a higher offer for Argos following Steinhoff’s last minute cash offer of £1.4bn, above Sainsbury’s £1.3bn offer. They both have until March 18th, as the deadline was extended by three weeks in line with Steinhoff’s schedule.
