The Path Of Real Money and Wealth
The big corporate news to come out of the Australian Share Market yesterday was the David Jones takeover offer by South African retailer Woolworths. They’ve offered a hefty $4 a share for the struggling retailer, which is about 23.5 times 2014 forecast earnings. Clearly, the South African’s think they can boost earnings with a new strategy. Let’s hope they’re right.
The Financial Review says that if the deal goes ahead, ‘It would be the biggest retail transaction since Wesfarmers bought the Coles Group in 2007.’
Uh oh…2007 didn’t turn out to be the best year to make a large, overvalued, debt-funded acquisition, did it?
Here’s Wesfarmers’ share price since…
As you can see, the shares spiked on the news (mid-2007) as debt-funded acquisitions were all the rage back then. But then the market reconsidered and volatility ensued. After all, Wesfarmers paid a very full price for Coles and the economic environment — when you thought about it for more than five minutes — was very uncertain. A bit like today.
Read the rest of this article at The Daily Reckoning
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