Automotive Holdings Group has downgraded its profit guidance for 2019 due to weak car sales and the performance of its refrigerated logistics division, a week after it recommended an improved takeover offer from rival auto retailer AP Eagers.
Car sales in Western Australia might have been down again in April but there’s a sense of optimism about the Australian luxury vehicle market at Lamborghini, as the brand positions itself for two major automotive trends.
Automotive Holdings Group’s $2.3 billion takeover from rival AP Eagers is set to go through, after AHG urged its shareholders to accept a revised offer from AP.
Supermarket giant Woolworths has lifted third-quarter grocery sales by 4.2 per cent, reaping the benefits of lower deflation and more favourable weather conditions.
AP Eagers has acquired a provisional majority stake in Automotive Holdings Group, just a week after AHG told shareholders not to accept the offer until it released its target statement on May 8.
Perth's grocery wars, amplified by giant Aldi’s market push and price cuts by Coles and Woolworths, have claimed five struggling smaller supermarkets over the past five months.
AP Eagers has increased its interest in Automotive Holdings Group by 9.15 per cent, as the takeover target appointed a former KPMG and Ernst and Young partner as its new chairman.
From expensive surgery to photo shoots and elaborate cremations, the multi-billion-dollar Australian pet industry is producing novel and profitable services.
Automotive Holdings Group has urged shareholders to sit tight on a $2.42 billion takeover offer from rival vehicle retailer AP Eagers, warning they may be disadvantaged if they agree to sell before the “highly conditional” deal is approved.
Woolworths will close about 30 underperforming Big W stores and two distribution centres over the next three years after increasing numbers of shoppers took their business online.
ANALYSIS: As many retailers struggle to deal with the internet revolution, Wesfarmers is undertaking two significant experiments in managing the disruptive influence of online trading to bricks-and-mortar businesses.
Coles will spend up to $150 million over the next four years to double its home delivery capacity after signing a deal to use tech from UK online supermarket Ocado.
The consumer watchdog is calling for an overhaul of Australia's product safety laws to help reduce the two deaths and 145 injuries it says are caused each day by unsafe products.
Consumer confidence "nosedived" last week as the GDP results showed the Australian economy had entered a so-called per-capita recession, ANZ Banking Group analysis said.
Coles is offloading management of its 87 pubs, including four in Western Australia, in a $200 million deal with private equity controlled Australian Venue Co.
Harvey Norman has lifted first-half profit on a strong performance at its overseas ventures, but sales at the company's Australian franchises were weak.
Wesfarmers is handing more than $1 billion of the cash it raised by demerging Coles and selling other assets back to shareholders in the form of a special dividend.
Woolworths shares have taken a knock after the supermarket giant reported a disappointing first half and flagged subdued consumer spending for the foreseeable future.
Coles' supermarket sales slowed during the run-up to Christmas, while the newly demerged retailer's first-half profit slipped 29 per cent to $381 million as restructuring costs weighed on the balance sheet.
Woolworths has become the first national supermarket chain to dump its $1/litre milk range, with farmers saying Coles and Aldi must follow if they want Australian dairies to survive.
