Sydney, Sept 25, 2007 (ABN Newswire) - Primary Health Care says it's still considering its options in relation to its 20 per cent stake in rival Symbion Health which is in talks with suitor Healthscope. Primary has posed a series of questions to Symbion regarding Healthscope, whose $2.9 billion offer for Symbion failed by a whisker to reach the required 75 per cent of shareholder votes earlier this month after Primary voted against the deal. Primary says it was still willing to engage with Symbion with a view to developing an attractive and executable proposal, but added that more clarity was needed from Symbion on its intentions, saying its shares were trading on an "uninformed basis." Primary Health Care's profit's have grown consistently since 2003.

National Australia Bank has agreed to sell its commercial vehicle leasing business to a unit of South Africa's Super Group for $342 million. The sale is subject to regulatory clearance and the final approval of Super Group's debt funding providers. The commercial fleet business had cash earnings of $6 million in 2006 and contributed $24 million to NAB's group earnings in the first half of fiscal 2007. NAB says the proceeds of the sale will be used for general funding needs. NAB's most recent profit highlight was in 2006.

Wesfarmers is seeking to reduce corporate overheads of its target Coles Group by $385 million each year and hopes to achieve this by late in fiscal 2009. Reductions include savings achieved to date in Coles' simplification program, which brings its various brands - food, liquor, convenience and Kmart - together under one Coles banner. In an update on the proposed acquisition, Wesfarmers estimated an additional $10 million in costs will be incurred over the amount already provided for by Coles, to deliver these benefits. Coles' suitor is targeting supply chain cost savings of $540 million a year by the 2013 financial year, including benefits achieved to date of $90 million a year. Wesfarmers profit result in 2006 was over one billion dollars, a highlight in over the past five years.

The full report is available at the following video and audio links.

Video Link

http://abnnewswire.net/fnnlnk/GFX72349


Audio Link

http://abnnewswire.net/lnk/43L2EP5L



Source: Finance News Network © 2007 http://www.finnewsnetwork.com.au

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