Wesfarmers updates on Homebase acquisition

Company News

Wesfarmers Limited (ASX:WES) says shareholders of the Home Retail Group in the UK have approved the sale of the Homebase business to Wesfarmers.
 
This follows approval earlier this month from Home Retail Group’s banking syndicate.
 
Both approvals were required under the agreement, whereby Wesfarmers would acquire Homebase for $661 million.
 
Following the approval of Home Retail Group’s shareholders, the transaction is expected to complete over the next few days.
 
Wesfarmers reported a net profit of $1.39 billion at 31 December 2015. 

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