Wesfarmers, one of Australia’s largest companies and owner of the Coles Group, has reiterated their belief that the Coles acquisition will prove a great buy in the long-term. The underperforming Coles business has begun to show signs of life in the past couple of quarters as the new management team drives efficiency improvements. And, while they are not yet where they want to be, the conglomerate is adamant that their five-year plan is right on schedule. “I do want to reaffirm the Board’s... ...Read more »

The Chairman of Wesfarmers, Trevor Eastwood, has told shareholders that he is excited about the platform for growth of Coles, now that the senior management team is in place. Mr Eastwood was looking to appease shareholders who have watched Wesfarmers’ share price drop to less than half of what it was a year ago and rejected proposed pay rises for the company’s directors. The proposed bonus scheme could see the salary of the company’s Managing Director, Richard Goyder, increase... ...Read more »