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ASX-listed supermarket giant Coles has walked away from a deal to purchase petcare business Greencross for about A$4 billion ($4.8b).
Coles told the ASX today it had ended talks with Greencross owner, private equity group TPG Capital.
Greencross is Australia’s largest petcare network and is part owner of Animates in New Zealand, with the Ebos Group the other shareholder.
The market responded positively to the announcement, with Coles shares up 3.3% to A$23.30 in afternoon trade.
Listed casino and hotel group SkyCity Entertainment has confirmed the unconditional sale of its midtown Auckland properties at 99 Albert and 62-68 Victoria St for $74.5 million.
The buyers are Christchurch’s Mainland Capital and Auckland-based Russell Property Group, with settlement expected on September 1.
The properties include a 17-level commercial office tower and three freehold buildings opposite Te Waihorotiu Station on the City Rail Link, adjoining the SkyCity precinct.
Mainland director Ben Bridge said the purchase would go through a Mainland/Russell JV formed for the development of the Sheraton Christchurch – the city’s former Noah’s Hotel.
New Zealand and Switzerland will pursue a free trade agreement on trade, economic, security, e-commerce, and investment, Trade and Investment Minister Todd McClay says.
An agreement to enter into a dialogue on free trade, announced today by McClay and Swiss State Secretary for Economic Affairs Helen Budliger Artieda, comes during the Future of Investment and Trade ministerial meetings being held in Auckland.
Switzerland's already a prominent trading partner with New Zealand, with two-way trade between the two countries at $1.88 billion last year. That put exports to the central European country at $429 million, of which $324m were listed as services, with another $100m in goods, including meat, offal, and hides and skins.
Imports came in at $1.45b, with imports including pharmaceuticals, transport services, insurance, and pension services and, of course, clocks and watches.
McClay expects the first meetings on free trade to be held in September.