Woolworths quiet on takeover target rumour

Woolworths Supermarket AustraliaWoolworths has declined to comment on a media report that it is a takeover target for private equity giant Kohlberg Kravis Roberts.

Woolworths and KKR both declined to comment on the report, which follows a credit downgrade and 34 per cent share price decline since February 2015.

Private equity groups Blackstone and Carlyle were rumoured to have been looking at a move for Woolworths six months ago, and The Australian newspaper now says KKR has been running the numbers on Woolworths for a few weeks.

Woolworths is facing declining food and liquor sales amid strong competition from Coles and Aldi, while its failed Masters hardware chain and struggling discount retailer BigW are also weighing on its bottom line.

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