Having spun off Coles supermarkets in 2019, Wesfarmers is out shopping for a new venture with confirmation yesterday that its has made a $687 million offer for Australian Pharmaceutical Industries – the company that owns Priceline and Soul Pattinson retail stores and chemists. Wesfarmers, which owns retailers Bunnings, Kmart and Officeworks, would be taking its first step into the $25 billion pharmaceutical, beauty and wellbeing sector – the first of which is highly regulated given its role in dispensing drugs to Aussies. Wesfarmers boss Rob Scott says the offer is a good one given “the current environment and based on where the business has traded in recent years”. API says it’s not enough, but API’s largest shareholder Soul Patts has taken its temperature and declared it to be a hot offer. Watch this space…