Greens call for block on sale

The Australian Greens have called for the Government to block the sale of retail giant Coles to a foreign owner.

"It is in the national interest for Coles to stay Australian," Greens leader Bob Brown said. "It is an employer of almost 200,000 people and a national icon." The Government has ultimate carriage of any sale to foreign hands via the Foreign Investment Review Board.

Senator Brown said his major concern was the export of Coles' profits out of Australia. "An overseas buyer will export substantial annual profits out of Australia," he said. Brown said any takeover by a private equity firm would result in job losses. "A takeover by a US investment bank could mean big job losses."