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Wesfarmers to sell five per cent of Coles Group

Wesfarmers announced on Monday 30th March that  it will sell a 5.2 per cent stake in Coles Group Limited for total pre-tax proceeds of $1 million.

The sale will proceed at $15.39 per share with settlement expected on April 2.

Wesfarmers expects to recognise a pre-tax profit of approximately $130 million.

Managing Director Rob Scott said in a statement that the significant and unprecedented events of the past few weeks have highlighted the importance of balance sheet flexibility to support the Group in a range of economic circumstances.

The company stated that it’s pleased with the performance of Coles since the demerger and the divestment offered an attractive return for shareholders.

Following the sale, Wesfarmers retains a 4.9 per cent interest in Coles and has agreed to retain its remaining shares in Coles for 60 days from completion of the sale, subject to customary exceptions.

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