Thursday Jul 3
Sydney Morning Herald
Market takes Target write-down in stride
The $680 million writedown pinned to Target shouldn't come as a surprise given the business' poor financial performance over the past few years, with the merchandise and apparel chain arguably the weakest performing division scooped up by Wesfarmers when it bought Coles in 2007, analysts said.
Sydney Morning Herald
Target takes $680m out of Wesfarmers
Wesfarmers will be forced to swallow a $680 million impairment charge on its struggling merchandise and apparel group Target, wiping off nearly one third of the retail chain's goodwill.
Markets Live: ASX surges higher
The ASX 200 is off to a strong start, up 1 per cent; the Australian dollar hit an eight-month high overnight ahead of important trade data.
Australian market set to open higher
The Australian market looks set to open higher after solid gains on Wall Street with the Dow Jones Industrial Average reaching a fresh high.
Insurance Journal West
IAG Receives Regulatory Approval for Wesfarmers Underwriting Acquisition
Insurance Australia Group Limited announced that it has received the required regulatory approvals from the Commonwealth Acting Assistant Treasurer for its acquisition of the Wesfarmers insurance underwriting business.
IAG's Lumley takeover gets final regulatory approval
Insurance Australia Group has been given the final regulator's tick to buy Wesfarmers' Lumley general insurance unit, adding to the dominance of New Zealand's biggest general insurer.
Australia's Wesfarmers gets regulatory clearance for insurance unit sale to A.J. Gallagher
Wesfarmers Ltd. said it has received all regulatory approvals to sell its insurance broking and premium funding operations for $1 billion Australian to U.S.-based Arthur J. Gallagher & Co., The West Australian reported.
Wesfarmers' A$1 bln insurance sale gets clearances
Wesfarmers has been given the green light by regulators to sell its broking and premium funding units for A$1 billion to Arthur J. Gallagher & Co, the New York stock exchange-listed insurer, completing the Australian company's exit from the insurance industry.