Wesfarmers is in a trading halt
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.