Via the always corporate friendly Bartho today:
The capital structure Wesfarmers unveiled for its soon-to-be demerged Coles business reflects a fine line between ensuring the supermarket group is true-to-label as an investment proposition while creating some discipline around how it will behave once it is free to act independently.
An independent Coles was never going to be a big growth stock. If it performs as expected, it will be a solid cash-generating, dividend-paying defensive stock.
