Wesfarmers’ Demerger of Coles Opens Up New Possibilities, but Stops Short of Materially Adding Value
Wesfarmers' management is significantly altering the group's DNA with the proposed demerger of grocer Coles, closing sometime in fiscal 2019 if approved by shareholders. There are aspects to like in the demerger, which will separate Coles from the core Bunnings home improvement retail stores. The two businesses--accounting for about two thirds of group EBIT--have very different growth prospects, and the split will provide the residual group with a greater capacity to engage in impactful M&A ...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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