Wesfarmers is poised to make its first move into retail offshore with the acquisition of DIY chain Homebase from Britain’s Home Retail, which it intends to use as the base to roll out Bunnings branded stores in the UK.
Wesfarmers, which also owns Coles supermarkets, has agreed to pay GBP340 million (USD489.8m) for Homebase.
Wesfarmers operates the Bunnings DIY chain in Australia along with Coles supermarkets and other retail outlets.