Wesfarmers sells 4.9 per cent of Coles Group

Further to its announcement dated 18 February 2020, Wesfarmers today announced that trades have been executed for the sale of 4.9 per cent of the issued capital of Coles Group Limited (ASX:COL) (Coles) for total pre-tax proceeds of $1,050 million.

The sale will proceed at $16.08 per share with settlement expected on 21 February 2020. Wesfarmers expects to recognise a pre-tax profit on sale of approximately $160 million.

Following the sale, Wesfarmers will have a 10.1 per cent interest in Coles and retains the right to nominate a director to the Coles Board.