Australian conglomerate Wesfarmers Ltd. (WES.AU) said it won't pursue an initial public offering for its Officeworks retail chain.
Wesfarmers said Wednesday that in light of current equity market conditions, an Officeworks IPO "would not realize appropriate value" and wasn't in the best interests of shareholders.
Continue Reading Below
It said the office-supply chain is "well positioned for future growth." It noted that since the chain was acquired in 2007, earnings had more than doubled.
In February, Wesfarmers said was considering a potential IPO as part of a "strategic review" of the business.
Write to Mike Cherney at firstname.lastname@example.org
(END) Dow Jones Newswires
May 16, 2017 18:50 ET (22:50 GMT)