Homebase set to be sold to Wesfarmers

Homebase has said it is in advanced talks to sell to Australian retailer Wesfarmers for £340m.

Homebase owner Home Retail Group said that it was finalising sale documents with Perth-based Wesfarmers, owner of the Coles supermarket chain and Bunnings DIY stores.

Home Retail Group rejected Sainsbury's recent offer for HRG as it undervalued the company, but that the supermarket could now make a higher bid with Homebase out of the way.

This would leave Garden Centre Group chief executive Nicholas Marshall, who has talked about his plan to take on Homebase, out of the picture. Sources suggest that the Marshall camp did not believe other potential bids were better placed than his, however HRG has said Wesfarmers are now in the final stages of buying the 300-centre Homebase chain.

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