Wesfarmers (ASX:WES) will sell 4.9 per cent of its stake in the Coles Group.
The sale comes just over one year after Wesfarmers demerged Coles in November 2018.
Following the sale, Wesfarmers will retain a minority interest of 10.1 per cent in Coles and its right to nominate a director on the Coles Board.
Wesfarmers Managing Director Rob Scott said the partial sale of the Coles shareholding would crystallise a strong return for shareholders while enabling continued strategic alignment and collaboration between the two companies in relation to mutually beneficial growth initiatives
Shares in Wesfarmers (ASX:WES) closed 0.4 per cent lower at $45.25 yesterday.