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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Wesfarmers Limited | ASX:WES | Australian Stock Exchange | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2.23 | 3.36% | 68.65 | 68.64 | 68.66 | 68.68 | 66.65 | 67.00 | 898,583 | 06:18:13 |
From May 2019 to May 2024
By Rhiannon Hoyle
SYDNEY--Wesfarmers Ltd. (WES.AU) said it would acquire General Electric Co.'s (GE) 50% stake in the pair's credit-card joint venture, after GE last month announced plans to sell its Australian consumer-lending operations.
Wesfarmers said GE had issued credit cards under Wesfarmers' Coles brand in Australia for two decades. In April, GE said it would separate from the bulk of GE Capital, its giant finance business, in the conglomerate's most significant strategic move in years.
On Monday, Wesfarmers said the acquisition would initially be funded from existing debt facilities, adding that further financing arrangements were likely to be introduced later, without elaborating. The deal is expected to be completed before the end of June, it said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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