Australia's Coles slides after Greencross talks, blocking of WA site deal

Coles

01/07/2026 01:57

** Shares of Coles COL.AX extend losses by midday, tumble as much 7.8% to A$22.48, their sharpest intraday slide since late February
** Coles, Australia's no.2 grocer, emerges as ASX200's .AXJO worst performer, with the benchmark slipping 0.3%
** Coles confirms it is in talks with U.S. private equity heavyweight TPG over a potential acquisition of Greencross Pet Wellness
** Earlier in the day, media reports indicated Coles was already in advanced talks with TPG to acquire the private equity-backed pet care and veterinary business
** Seperately, Australia's competition watchdog (ACCC) blocked Coles from taking over lease for a planned new supermarket and liquor store site in Kalgoorlie-Boulder, Western Australia
** ACCC says Coles' proposed deal would likely substantially lessen competition in retail supply of groceries by supermarkets in Kalgoorlie
** ACCC considers likely acquisition would lead to exit of an effective independent full-line competitor, and its assets, from Kalgoorlie - statement
** Session's losses cut stock's YTD gains to 6.4%

 (Reporting by Shivangi Lahiri and Kumar Tanishk in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))