Fed: Coles shareholdings sale a good decision: Premier

AAP General News (Australia)
04-05-2007
Fed: Coles shareholdings sale a good decision: Premier

CANBERRA, April 5 AAP - Premier Investment Group's chairman Sir Ron Brierley says selling
the group's 5.9 per cent holding in retailer Coles to Wesfarmers was a good decision.

Wesfarmers has accumulated an 11.3 per cent holding in Coles, and this week along with
three consortium partners has made a $19.7 billion takeover bid for the company.

Sir Ron said selling Premier's holding to Wesfarmers was a deal that had to be done.

"Overall it was such a favourable deal to Premier that there was the motivation there
to do it," Sir Ron told ABC radio.

"Any deal of that magnitude always involves difficult decisions but at the end of the
day it was fairly obvious that it was deal that should be done and we did do it.

"I think it was not only a good sale for Premier but it was also a responsible sale
in terms of opening up a bit of competition for the various potential purchases of Coles,"

he said.

Premier Investments is the listed investment vehicle of billionaire businessman Solomon Lew.

AAP sld/cp/mn

KEYWORD: COLES BRIERLEY

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