SYDNEY, Aug 29 (Reuters) - A trading halt was placed on shares in Australian conglomerate Wesfarmers Ltd and the country's monopoly wheat exporter AWB Ltd on Friday pending announcements from the companies. In a statement, AWB said the announcement would be "in relation to the acquisition of a substantial business", but would not be related to AWB's shareholding in Futuris Corp Ltd or to Elders Australia. The companies said they expected to make an announcement later on Friday, with analysts speculating that AWB may be buying Wesfarmer's Landmark division.' Wesfarmers is already a major participant in the rural sector through Landmark, which has almost 300 outlets throughout Australia. Landmark's activities include merchandise and fertiliser sales, livestock marketing and wool broking and handling. It also offers insurance, real estate and finance services. Wesfarmers said at its recent annual profit result that rural operations and insurance had contributed earnings before interest and tax of A$76.3 million, 8.2 percent of total EBIT of A$927.6 million. Shares in Wesfarmers last traded at A$28.19 while shares in AWB changed hands at A$4.15. Futuris shares slumped about nine percent in late trade to A$1.50 in a wider market up 0.2 percent. ($=A$1.56) I just bought into AWB..is this a good deal?
AWB Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
