Wesfarmers Limited (ASX:WES) is looking for M&A. Anthony Natale Gianotti, Chief Financial Officer said, "Finally, our approach to M&A is governed by an objective evaluation of opportunities. Firstly, we are focused on ensuring acquisitions are assessed against a risk-adjusted cost of capital appropriate for the specific asset. We look for opportunities where Wesfarmers can add unique value or provide capabilities to enhance the value of M&A opportunities.

But we view any post-transaction synergies skeptically and we evaluate these separately to the underlying business case".