KKR Out of Coles Auction

KKR and CVC Asia Pacific have withdrawn from a consortium that is pursuing Australian retailer Coles Group Ltd. The move comes after two weeks of due diligence, with the consortium continuing to include Bain Capital, Blackstone Group and Carlyle Group and TPG. Coles Group currently has an Au$19 billion buyout offer on the table from Westfarmers Ltd. and Pacific Equity Partners.