Corporate Action: Pour on the Coles and Vote in Favour of Wesfarmers' Proposed Demerger
We recommend that Wesfarmers shareholder vote FOR the proposed resolution at the scheme meeting on Nov. 15, 2018, to separate Coles from the group.Narrow-moat-rated Wesfarmers' management is suggesting a material restructure of the group with the demerger of Coles, separating the second-largest Australian food and liquor retailer from the core Bunnings home improvement retail stores. The two businesses account for about two thirds of group EBIT and have very different investment characteristics...
Wesfarmers is engaged in the retailing operations including supermarkets, merchandise and department stores, fuel, liquor and convenience outlets; retailing of home improvement and outdoor living products and supply of building materials; retailing of office and technology products; coal mining and production; gas processing and distribution; industrial and safety product distribution; and chemicals and fertilisers manufacture; and investments. Co.'s retail operations includes Coles, which operates Coles Supermarkets, Coles Express, Liquorland, Vintage Cellars, First Choice Liquor, and Spirit Hotels, among others; while its departmental operations include Kmart and Target retailers.
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