Kerry Stokes' Seven Group says it has agreed to a strategic review of its 45 per cent stake in Coates Hire with co-owner The Carlyle Group.
Seven and Carlyle have appointed investment bank Goldman Sachs to co-ordinate a review of the ownership arrangement between the two companies after receiving approaches from third parties.
Coates Hire is Australia's biggest equipment hire company with more than 125 years' experience in the industry, and more than 200 branches and satellite locations across Australia.
Last year, the company posted revenue of $1.3 billion.
Seven made the announcement as it held its annual general meeting in Sydney this morning.Seven shares were off ten cents, or 1.55 per cent, to $6.37 at 8.25am in a broadly weaker market.