Seven Group Holdings Limited
(ASX:SVW) and Carlyle Group pulled out of its $3 billion sale of Coates Hire due to a lack of interest, according to media reports.
A weakened Australian dollar and economic uncertainty were reportedly the main factors taking a toll on potential buyers.
Coates Hire has been up for sale since late last year, when its owners backed away from plans for an initial public offering.
The Seven Group and Carlyle each own 46 per cent of Coates Hire.
Media reports say Wesfarmers Limited
(ASX:WES), UMW Holdings, Japanese giant Mitsui and Apollo Global Management were some of the groups that looked at Coates.
Seven Group generated a net profit of $258 million in the first half of the current financial year.
