Wesfarmers requests trading halt ahead of announcement

Wesfarmers2Australian retail conglomerate Wesfarmers has requested a trading halt this morning pending an announcement on its planned $20 billion demerger of Coles.

The company has asked for the halt to remain in place until Tuesday unless the announcement is made beforehand.

Coles Group was bought by Wesfarmers in 2007 and although it accounts for about 60 per cent of the company’s employed capital, it generates only 34 per cent of its earnings.

Earlier this year, Wesfarmers announced its plans to spin off Coles and list it on the ASX.

In August the company said it would retain 15 per cent of Coles post-demerger and retain its 50 per cent ownership of flybuys.

Wesfarmers finalised the new Coles board recently with the appointment of three non-executive directors.

UPDATE: Wesfarmers sets date for Coles demerger vote.

Comments

Comment Manually

I have read and agree to the Terms and Conditions and Privacy Policy.

Inside FMCG Jobs

Loading...

FMCG Products

Company:

Category:

View details

Latest Poll

Is Australia ready for voice-activated grocery shopping?
x

SUBSCRIBE
FREE NEWS BRIEFS Get breaking news delivered