Original article by Eli Greenblat, Paul Garvey
The Australian – Page: 19 & 29 : 16-Nov-18
The demerger of grocery giant Coles was supported by more than 98 per cent of votes cast at a special meeting of Wesfarmers shareholders on 15 November. The Perth-based conglomerate will retain a 15 per cent stake in Coles when its shares begin trading on a deferred settlement basis on 21 November. Wesfarmers chairman Michael Chaney has dismissed any concerns about an overhang, stressing that the company intends to retain its Coles stake in the long-term. Wesfarmers shareholders will be allocated Coles shares on a one-for-one basis.
WESFARMERS LIMITED – ASX WES, COLES GROUP LIMITED, BUNNINGS GROUP LIMITED, WOOLWORTHS GROUP LIMITED – ASX WOW, ALDI STORES SUPERMARKETS PTY LTD, AMAZON.COM INCORPORATED, METCASH LIMITED – ASX MTS