With sales from "mature" businesses such as Bunnings and Officeworks growing by almost a third in the first four months of 2021, Wesfarmers says it is in no rush to make acquisitions, even though it is cashed up after selling most of its stake in Coles for $2 billion.

Wesfarmers, which has net cash on the balance sheet of $470 million, has the capacity to borrow $10 billion to fund acquisitions, say analysts, who have drawn up a wide-ranging list of potential targets headed by discretionary retailers, food processors, engineering and materials companies.