Monday, April 9, 2007

UPDATE 1-Coles shareholder backs Wesfarmers bid

(Reuters) - Hedley Group said late on Sunday it agreed to vote its 17.9 million Coles shares -- around 1.5 percent of Coles' stock -- in support of Perth-based Wesfarmers' proposed deal, increasing the building supplies-to-power conglomerate's voting control to 12.8 percent.

Hedley, a property developer, said in a statement it agreed not to support any rival proposal.


Read more at Reuters.com Mergers News

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