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Wesfarmers To Sell 5.2% Of Coles Group

Wesfarmers Ltd. (WES.AX,WFAFF.PK) said on Monday that it has entered into an underwriting agreement to sell 5.2 percent of the issued capital of Coles Group Limited (COL).

The sales will result in the reduction of the group interest below 10 percent. Further, Wesfarmers will forgo the right to nominate a director to the Coles Board.

Wesfarmers and Coles will continue its flybuys joint venture, with both groups retaining a 50 percent interest in the business.

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