Wesfarmers was offloading the stake via stockbroker Barrenjoey at $17.75 a share, which was a 1.8 per cent discount to the $18.08 closing price.The trade represented 28.2 million Coles shares, or a 2.1 per cent stake in the company.
Wesfarmers Retail Holdings was named as the seller, in terms sent to potential buyers. Barrenjoey was seeking buyers by 6pm.The deal was underwritten, the term sheet said, which meant Barrenjoey had guaranteed the $17.75 a share exit price.Wesfarmers retained a 15 per cent stake in Coles, and has since sold to below 5 per cent in two block trades. Tuesday night’s deal was the third such trade.
Wesfarmers had 65.4 million Coles shares for a 4.9 per cent stake as at August 26 last year, according to Coles’ most recent annual report.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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