Amazon set to lead Australian online market as rival pulls IPO
Wesfarmers' planned share sale for Officeworks scrapped, with analysts almost halving profit forecasts for retailers
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Sydney
EVEN before Amazon sets up shop in Australia, the online giant is hurting its biggest rivals.
Wesfarmers Ltd, the supermarkets-to-hardware conglomerate that's Australia's biggest private employer, on Wednesday scrapped a A$1.5 billion (S$1.5 billion) initial public offering (IPO) of its office-supplies business. With analysts almost halving profit forecasts for some local retailers before Amazon.com Inc's arrival, Wesfarmers couldn't get the price it wanted for Officeworks.
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