Homebase deal to complete within days

Following a meeting yesterday, it is expected that Wesfarmers will complete its takeover of Homebase within days after shareholders approved the plan to sell the business.

Wesfarmers agreed in January to pay Home Retail Group £340million for the second largest home improvement and garden retailer in the UK and Ireland.

"Following the approval of Home Retail Group's shareholders, the transaction is expected to complete over the next few days," Wesfarmers said in a statement on Friday.

Read the results of the HRG shareholders meeting here.

The news is expected to be announced to the Homebase Team today with the transaction being completed as early as Monday of next week.

Wesfarmers is expected to rebrand Homebase under its Bunnings banner and as soon as we find our more news on the initial trial stores, we'll of course let you know.

Source: Insight DIY Team