Wesfarmers has sold all of its remaining shares in the supermarket chain, Coles Group, which it spun off in 2018.
“Since the demerger of Coles from Wesfarmers in November 2018, Wesfarmers has gradually reduced its shareholding in Coles,” said the company in a statement.
According to Reuters, the deal value is estimated at $688 million or $18.50 per share. Both groups will retain a 50 per cent interest in Flybuys.
The spinoff saw Coles operate as an independent company. Wesfarmers said at the time it was looking forward to a $2.1bn gain from the demerger.
In February, Coles reported a 17.1 per cent lift in tax-paid profit in its first-half results despite macroeconomic challenges.
