Economy

JB Hi-Fi refuses to comment on Woolworths takeover speculation

SmartCompany /

JB Hi-Fi has refused to be drawn on media reports that claim the high flying retailer had been involved in talks with Woolworths about the sale of its business.

JB Hi-Fi has refused to be drawn on media reports that claim the high flying retailer had been involved in talks with Woolworths about the sale of its business.

Richard Uechtritz, JB Hi-Fi CEO, said the company did not comment on speculation but he had heard the Woolworths rumour circulating.

The Australian Financial Review reported that the two companies were poised to announce a $1.4 billion deal until personnel and personality issues sunk the takeover talk.

Uechtritz said that there had previously been talk of Coles buying JB Hi-Fi as well as acquisitions by the company itself, which were all wide of the mark.

JB Hi-Fi will report its annual results tomorrow, while Woolworths, cashed up and frustrated in its plans to acquire The Warehouse Group in New Zealand, reports its annual earnings result on 26 August.

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