Norman to advise on Coles post-takeover
Australia's Wesfarmers has confirmed that it is in talks with Archie Norman, who led the early 1990s revival of grocer Asda, as it makes a AUS$19.7 billion (£8.19 billion) bid for retail group Coles.

Wesfarmers managing director Richard Goyder said that Norman has been in Australia to discuss a role recently. He said: 'While we have yet to finalise the precise nature of his ongoing involvement, I envisage that Norman will have a very senior advisory role in Coles' supermarkets, liquor, petrol and general merchandising businesses. We intend to draw on Coles' existing, other Australian and international management expertise in assembling a top-quality team to lead those businesses.'

Goyder said that another former Asda and more recently Coles senior executive Steven Cain was also involved closely, through his association with consortium member Pacific Equity Partners (PEP).

Under its proposal, Wesfarmers would own 50 per cent of Coles' core businesses, with the remainder held by its consortium partners, private equity firms PEP and Permira, and Macquarie bank.

However, Coles rival Woolworths is also understood to be interested in some parts of the business.

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