Wesfarmers sweetens bid for Coles

Wesfarmers is believed to have sweetened its offer for Coles Group and appears to be close to securing a A$20.8 billion ($23b) deal with the retailer in what would be the largest takeover in Australian corporate history.

The Coles board has spent the weekend assessing whether a takeover offer from Wesfarmers would give investors sufficient value.

A spokesman for Wesfarmers, the frontrunner to take over the Coles empire, has confirmed the group lodged a bid for all of Australia's second largest retailer.

- AAP