Wesfarmers shares drop as Coles appears on the ASX for the first time


Shares in the new company Coles, split from Wesfarmers, appeared on the ASX the first time today.

They closed at $12.75.

The supermarket group shares only appeared on a deferred settlement basis. They start trading Thursday next week.

Wesfarmer shares fell 27% to $31.96, as value was transferred to the new company.

The demerger of the Coles supermarket division creates a new top 30 company listedholding about 34% of Wesfarmers’ earnings, with about $39.2 billion in revenue and EBIT (earnings before interest and tax) of $1.6 billion.

Shareholders were issued new shares in Coles proportional to their existing stake in Wesfarmers.

Wesfarmers has kept a 15% stake.