The Wesfarmers Ltd (ASX: WES) share price is in the red today amid rumours it could emerge as a buyer of a retail business.
Wesfarmers shares are currently swapping hands at $48.57, down 0.37%. In contrast, the S&P/ASX 200 Index (ASX: XJO) is down 0.38% today.
Let's take a look at what was reported.
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Could Wesfarmers be planning a new acquisition?
Wesfarmers could emerge as a contender for the auction of major retailer Jaycar, The Australian reported.
The publication reported commentary that Jaycar could make sense as a "bolt-on acquisition" for Wesfarmers' chain Bunnings. Bunnings earnings fell 1.2% to $1.259 billion in the first half of the 2022 financial year.
Jaycar is one of the largest electronic retailers in Australia and New Zealand, with more than 110 stores.
Barrenjoey Capital bankers have been in talks with a number of potential buyers including private equity firms and offshore retailers ahead of an auction, the Australian Financial Review reported in late January.
Other potential buyers in the mix could include Quadrant, BGH Capital and Bain Capital.
The Wesfarmers share price slipped 8.58% in February on the back of the company's half-year results, as my Foolish colleague Brooke Cooper reported.
In Wesfarmers' "most disrupted period" since the onset of COVID-19, the retail giant's net profit after tax (NPAT) fell 14% to $1.2 billion.
Wesfarmers is hoping to complete the acquisition of Australian Pharmaceutical Industries Ltd (ASX: API) by the end of the first quarter of 2022.
Wesfarmers share price snapshot
The Wesfarmers share price has fallen 1.94% in the past year, while it is down 18.09% this year to date.
For perspective, the benchmark ASX 200 has returned about 5.6% over the past year.
In the past month Wesfarmers shares have slipped 9.6%, while in the past week they have nudged 1.4% upwards.
Wesfarmers has a market capitalisation of about $55.07 billion based on the current share price.
