Wesfarmers has lodged a request with the ASX to go into a trading halt, pending the outcome of a court decision regarding the demerger of Coles.
The company requested that the trading halt remain in effect until Tuesday, 9 October, unless it makes an announcement before then.
“The trading halt is requested to enable the company to manage its continuous disclosure obligations in the context of the court hearing on 5 October 2018 in relation to the proposed demerger of Coles Group Limited and associated disclosures,” the statement said.
Wesfarmers announced it would be spinning off Coles in March this year, in order to free up capital for high-growth opportunities.
In July, the company released a statement saying it expected the transaction to be finalised by November.
Since making the announcement on March 16, Wesfarmers shares have risen by almost 13% and closed yesterday at $49.43.
UPDATE: Shortly before 1pm AEST, Wesfarmers released a statement on the ASX to announce that a vote on the demerger will be put to shareholders on November 15.
Wesfarmers shares have now come out of their trading halt, and a short time ago were edging higher in the afternoon session.
Business Insider Emails & Alerts
Site highlights each day to your inbox.