Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Apotex Corp. recalled all lots of type 2 diabetes medication Metformin hydrochloride in the form of oral film-coated tablets for the potential presence of nitrosamine impurity, N-Nitrosodimethylamine (NDMA), above levels of the Acceptable Daily Intake Limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement. Groupe Renault plans to cut about 14,600 jobs across the world and lower its production capacity. The plan includes almost 4,600 jobs reduction in France, through voluntary retirement and retraining. Amazon said it will convert 125,000 of the 175,000 temporary workers it hired in March amid the coronavirus pandemic, to permanent full-time employees in June. The e-commerce giant had hired the temporary employees in March to meet strong consumer demand amid the lockdown. The job openings were in Amazon's fulfillment centers and its delivery network.
Follow RTT