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
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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