ROB,I would never say never re WES selling an asset, but I don't...

ROB,
I would never say never re WES selling an asset, but I don't see it as likely that anyone will rock up with enough money to acquire Coles at the price WES would want, since they fully intend to create and reap the value of the Coles turnaround, which they have ALWAYS stated will take 5 years end-to-end.

WES is always willing to sell an asset if offered more than it is worth to them in NPV: remember when WES sold Landmark to AWB for $825 million? That was an unsolicited offer for more than WES reckoned the business was worth to them, even though it was 'selling the farm' and the Company origins to some degree.

WES' emotional attachment to their rural business probably meant it took MILLISECONDS rather than NANOSECONDS for the Board to 'TAKE THE MONEY,' but a cash offer > internal value is not something WES is in the habit of rejecting!