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

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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.