By Janine Perrett

It is good to remember that business actually goes on despite all the election noise.

So it is time for some musings on the main headlines in the financial pages.

Well one main one that keeps me up at night.

Woolies may or may not be being sized up by an American private equity fund group.

Rumors of a KKR takeover have been mooted this week, then denied, but since when do we believe any assurances given to our ASX. 

Continuous disclosure indeed.

Anyway I just want to say I think it would be a disaster for the company, the sector and most importantly the country.

It is not that I'm against foreign investment, even Chinese sometimes, and certainly not American; but I am highly sceptical about corporate rapists, sorry private equity groups, particularly in the retail sector.

Their modus operandi is to buy cheap, gut it, dress it up for resale, then take the profits back offshore leaving the locals to try and nurse it back to health.

Exhibit A - Myer. It is still trying to get back to its float price after the private equity owner.

Exhibit B - Dick Smith. The latest victim of the great private equity heist.

Thankfully in the case of Anchorage Capital, we are about to see a Senate inquiry to delve further into this murky story. Or maybe. (There is an election, had I mentioned?)

And let us remember that KKR were the original barbarians at the gate.

Sure Woolies' share price is in a trough at the moment. Sure the bad management of recent times has undermined a once great Australian company.

And yes the great duopoly of Coles and Woolies is constantly under fire but just wait til all those critics have to deal with the fallout of a private equity owned and diminished Woolies.

Coles will have more power which, you might want to consider, will be even worse for competition.

And please don't tell me that Aldi will fill the gap.

We currently have not one but TWO world class strong supermarket chains, locally owned, among the biggest corporate employers in the country and most importantly, paying taxes here,

The last one in itself should be reason enough to make you think and for the FIRB to take a good hard look at it.

Remember what happened with Myer - the TPG private equity types cleaned out the $1.5billion in the Australian bank account while the tax office chased them in vain.

A KKR takeover for Woolies might never happen.

But given they are all denying it, I would assume that makes it a certainty.

And every Aussie should be very very wary.

Politicians take note.