Supreme Court approves Coles spinoff
Coles is expected to commence trading on ASX tomorrow under the new ASX Code ‘COL’. Its parent company Wesfarmers will trade on ex-entitlement basis from the same date and the demerger of the supermarket giant will be implemented on November 28.
On November 15, Wesfarmers shareholders voted in favour of the proposed A$20 billion demerger of the supermarket giant. A total of 601,032,572 votes were cast in favour with 2,900,858 against.
Wesfarmers chairman Michael Chaney said last week that it was pleasing to receive overwhelming shareholder support for the demerger.
“Subject to Court approval of the Scheme, the endorsement of our shareholders means we can proceed to implement this significant repositioning of the Group’s portfolio, one which we believe sets up both Wesfarmers and Coles for future success,” Chaney said.