More international retailers, takeover offers on way: report

 In Aldi, Australia, Costco, International, NewZealand
Australians can expect more international retailers to set up shop here and more takeover offers for local companies, according to a global report.
"With a weakening Australian dollar and ever increasing competitive pressures, we are likely to see further interest by overseas retailers in underperforming Australian retail companies," Deloitte’s Global Powers of Retailing report states.
"If nothing else, 2014 has shown us that international retailers continue to see value in both the Australian retail market and Australian retailers themselves."
The report notes that 37 of the world’s top 250 retailers by revenue operate in Australia, such as Apple, South Africa’s Woolworths Holdings, US retail giant Costco Wholesale Corporation and US company Lowe’s, which operates a hardware joint venture with Woolworths.
The report follows the government announcing it was walking away from a pledge to impose tougher tax "anti-avoidance" rules on multinationals that shift billions of dollars of profits between Australia and their foreign entities. The head of the Australian Tax Office, Chris Jordan, a year ago described the tax lurk as having been "abused" by foreign corporations at a cost of "hundreds of millions of dollars" a year to the Commonwealth.  Sydney Morning Herald – Read more…

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