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  • Coles – takeover by Wesfarmers (2007)

    Overview

    On 2 July 2007, Coles Group Limited (Coles) and Wesfarmers Limited (Wesfarmers) announced a proposal for Wesfarmers to acquire Coles. This was implemented on 23 November 2007, resulting in a CGT event for Coles shareholders.

    The following information will help you work out the CGT consequences for your Coles shares. You need to do this for your 2007–08 tax return.

    As a Coles shareholder you disposed of your shares to Wesfarmers for one of three consideration options.

    Table 1: Consideration options

    Option

    Consideration for each Coles share

    cash ($)

    Wesfarmers ordinary shares

    Wesfarmers partially protected shares

    Standard

    4.00

    0.14215

    0.14215

    Maximum cash

    9.6118

    nil

    0.14215

    Maximum scrip

    2.9583

    0.16854

    0.14215

    Class ruling

    We issued a class ruling, Class Ruling CR 2007/114 Income tax: scrip for scrip: acquisition of Coles Group Limited by Wesfarmers Limited.

      Last modified: 16 Mar 2018QC 21096