The supermarket giant, Woolworths has finally announced its decision to wrap up its home improvement project, Masters. After incurring heavy losses for almost four years, chairman Gordon Cairns has decided on selling or shutting down the operations. For this, the company his approached its joint venture partner, Lowe's, to buy out its 33.3% stake in Masters., but it may take several months to sort out the exit options.
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Two big names, Wesfarmers and Sainsbury's, are vying for the Home Retail deal, despite warnings sent out by the seller itself regarding low profit expectations. While the deal seems to be in favor of Wesfarmers, Sainsbury's is not out of the picture yet.
David Errington, an analyst at Bank of America Merrill Lynch, said companies would do well if they focused on investing in their core business instead of acquiring other companies in their quest for growth, The Australian reported.
Insurance Australia Group Ltd is said to be thinking of making an offer for the insurance arm of Wesfarmers, according to sources interviewed by Bloomberg.