Robert Gottliebsen reckons in Business Spectator article today that Coles have finally ferreted out corrupt buyer that John Fletcher could never find. Says this is good sign so watch out Metcash and Woolies (if they are not all they are cracked up to be).
"For a while it seemed that Wesfarmers' searchlight had passed over this figure but I am delighted to report that the person my contacts had been pointing the finger at has now disappeared. To me that is the best sign that the current Coles managers are going to be better than anything we have seen since the merger with Myer.
Woolworths and Metcash now have a fight on their hands. They can be grateful that the new Coles team does not have the unlimited capital behind them that would have been the case had the coal industry remained strong or had Wesfarmers sold the asset last February. Nevertheless we will soon discover whether there are any significant weaknesses in the Woolworths or the Metcash operations. "
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