undervalued takeover target, page-16

I will be very surprised if wesfarmers end up with coles because:

[1] There are other players in the consortium who obviously want part of the cake and coles is the biggest part

[2] They have no expertise in retailing food which is a lot different to hardware

[3] They have disciplined rules for expansion that would not allow such a large investment in an area they havn't got any runs on the board

[4] They probably can't afford such a large investment unless they were getting it at a bargain price. This doesn't look like a bargain.