Wesfarmers (ASX:WES) to sell 4.9% of Coles Group

Company News

by Anna Napoli

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.

Are you a 708 sophisticated investor?

If you are a sophisticated investor as defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

We can alert you to wholesale investment opportunities not available to regular investors.

Please subscribe if you would like to be alerted to these types of opportunities.