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Wesfarmers Sells $688M Coles Group Stake

Wesfarmers has completely exited the Coles Group, selling its $688 million stake in the supermarket chain.

This sale means that Wesfarmers has completely untied itself from Coles, after it demerged the supermarket from its portfolio in 2018 and floated it as its own, $20 billion company.

At that time, Wesfarmers held 15 per cent ownership, which it has sold down in chunks over the past five years – including two 5.2 per cent blocks worth around $2.2 billion during the pandemic.

The $688 million amounts for 37.2 million shares, or 2.8 per cent – with each share sold for $18.50, at a 0.6 per cent discount to the closing price.

Coles shares are up 12.15 per cent this year-to-date. In February, the supermarket reported a 4.1 per cent revenue leap for the first half of the financial year.

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