Retailers consider options as KKR acquires GE’s consumer unit
Food and liquor chain Coles is considering its options after the sale of its credit card joint venture partner, GE Capital’s consumer finance arm, to a consortium led by corporate raider KKR.
The supermarket giant strengthened its relationship with GE Capital last July, moving from a "white labelling" agreement to a joint venture, and flagged plans to build on its existing suite of financial services products by issuing new credit cards and personal finance products such as loans.
Coles said on Monday the joint venture had received regulatory approval and was scheduled to go live next month, irrespective of the sale of GE’s consumer finance division.
"As we have stated previously, several options, including a change of control, was contemplated when Coles entered into the joint venture agreement," a Coles spokeswoman said. "Now the sale has been announced Coles is considering its options." Sydney Morning Herald – Read more…
The supermarket giant strengthened its relationship with GE Capital last July, moving from a "white labelling" agreement to a joint venture, and flagged plans to build on its existing suite of financial services products by issuing new credit cards and personal finance products such as loans.
Coles said on Monday the joint venture had received regulatory approval and was scheduled to go live next month, irrespective of the sale of GE’s consumer finance division.
"As we have stated previously, several options, including a change of control, was contemplated when Coles entered into the joint venture agreement," a Coles spokeswoman said. "Now the sale has been announced Coles is considering its options." Sydney Morning Herald – Read more…
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