Since this morning's news of Wesfarmers' intentions to buy Homebase in the UK, the company has released an official statement on its plans (see the original on the ASK website here).
The statement details not only how much Wesfarmers believes Homebase is worth (AU$699 million) but also that the purchase - if successful - would "be the first step in a program which would invest in the Homebase team and reinvigorate core Homebase assets to build an exciting new Bunnings-branded business over 3-5 years".
Wow - that was unexpected!
The statement also details that this initiative isn't new and that Wesfarmers and Home Retail Group have in fact been talking since September last year.
Part of Wesfarmers' rationale is that the UK home improvement and garden market is "an attractive and growing market".
However, although Wickes and Screwfix have been doing very well in recent years, judging by the struggles to be profitable that we've seen reflected in B&Q and Homebase financial reports, the UK market certainly isn't easy pickings any longer.