November 15, 2018 / 9:18 AM / a month ago

Wesfarmers shareholders approve Coles spin-off

FILE PHOTO: The Coles (main Wesfarmers brand) logo is seen on a facade of a Coles supermarket in Sydney, Australia, February 20, 2018. REUTERS/Daniel Munoz

(Reuters) - Australian conglomerate Wesfarmers Ltd (WES.AX) said on Thursday its shareholders approved the demerger of its supermarket division, Coles.

Shares of Coles Group Ltd are expected to start trading on the Australian Securities Exchange on Nov. 21, subject to approval from the Supreme Court of Western Australia at a scheduled hearing on Nov. 19, the company said.

In October, Coles posted its fastest quarterly sales growth in nearly three years as promotional toy offerings proved to be a big hit.

Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Gopakumar Warrier

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