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Wesfarmers to Shed Slumping Supermarket Chain

The spinoff is expected to be completed in fiscal 2019

Australian conglomerate Wesfarmers Ltd. plans to spin off its chain of Coles supermarket, liquor and convenience stores, 11 years after buying the business in one of the nation’s biggest takeovers. The rationale: the division gets more than half of the group’s capital but contributes just a third of group earnings after a bruising price war with rival Woolworths Group Ltd. Wesfarmers shares rose as much as 6 percent in Sydney, the largest intraday gain in more than eight years.

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