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AUSTRALIA'S WOOLWORTHS ON LOOKOUT FOR MAJOR ACQUISITION: CEO.
MELBOURNE, March 3 Asia Pulse - Woolworths (ASX:WOW) remained on the lookout for a major acquisition that fitted its low margin, high volume mass retailing criteria, Woolworths' chief executive Roger Corbett said yesterday.
Speaking on Channel Nine's Business Sunday, Mr Corbett said he did not rule out acquiring Australia's third biggest supermarket group Foodland Associated Ltd.
"There's pluses and minuses," Mr Corbett said of Foodland.
"Foodland's got a fragmented business and they've got a business that has a lot of pressure on it at the present time.
"We'll wait and see what happens with Foodland," he said.
Mr Corbett said if a major acquisition became available that fitted its low margin, high volume criteria, as distinct from a high margin/low volume department store, then Woolworths has the capacity to absorb it.
He also sounded a warning to credit card and Eftpos operators about the charges coming into play under new regulations covering interchange fees.
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Source: HighBeam Research, AUSTRALIA'S WOOLWORTHS ON LOOKOUT FOR MAJOR ACQUISITION: CEO.