Green may make Woolworths bid
War of words after talks break down
June 14 2002
Bhs owner Phillip Green has not ruled out a hostile bid for Woolworths after talks between the two High Street names ended acrimoniously.
Green was disparaging about Woolworths current management, led by chairman Gerald Corbett and chief executive Trevor Bish-Jones, but said he would consider a bid of Woolworths shareholders wanted it.
Both sides have claimed the other initiated the merger discussions which ended without a deal last week. Green has suggested that Woolworths was trying to extract a bid from him to fuel its recovery programme.
Woolworths’ statement on Friday said the talks had been held to “examine the benefits of a closer relationship between Bhs and Woolworths, including the possibility of a merger.”
Green is thought to be attracted by the possibility of a listing for privately-held Bhs, and clearly believes that Woolworths, which demerged from Kingfisher last year with large debts and stock problems, can be turned around. Woolworths insists that the recovery progamme initiated by Corbett is on track.
