Wesfarmers shareholders approve demerger of Coles

Company News

by Rachael Jones

Wesfarmers (ASX:WES) is pleased to announce that shareholders have approved the demerger of Coles Group from Wesfarmers.

Confirmation came following yesterday's AGM.

Coles shares will now be listed on the ASX on November 20, subject to regulatory approval.

Wesfarmers Chairman, Michael Chaney AO says it was pleasing to receive overwhelming shareholder approval for the demerger.

If the Scheme is approved by the Court, Wesfarmers proposes to lodge a copy of the orders made by the Court with the Australian Securities and Investments Commission on Tuesday, 20 November 2018 and the Scheme will become effective on that date.

The time and date for determining entitlements to Coles shares is 4:00pm Perth time on Thursday, 22 November 2018.

Shares in Wesfarmers (ASX:WES) closed 1.67 per cent lower to $45.37 yesterday.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.