Wesfarmers restructuring efforts have continued, with the conglomerate today announcing it has agreed to sell its 40 per cent interest in the Bengalla Joint Venture to joint venture partner New Hope Corporation (ASX:NHC) for $860 million.

On successful completion of the transaction, Wesfarmers said it expects to report a pre-tax profit on sale of approximately $670 million to $680 million subject and that it will continue to benefit from earnings and cash flow generated from its interest in the coal mine until completion of the transaction in the fourth quarter.

Wesfarmers managing director Rob Scott said the agreement to sell Wesfarmers’ interest in Bengalla followed the completion of the sale of the Curragh coal mine to Coronado Coal in March this year and, subject to completion, would finalise the review of the Wesfarmers resources businesses initiated in 2016.

“We believe this agreement with New Hope is in the best interests of our shareholders and ensures a smooth transition in the ownership structure of the Bengalla joint venture,” Scott said.

Last month, Wesfarmers detailed plans for its upcoming demerger of Coles supermarkets, which it expects to complete in November of this year.

The parent company plans to retain a 15 per cent minority ownership interest in the supermarket, in order to retain strategic alignment between the companies to facilitate growth initiatives regarding data, digital and loyalty.

To assist in these growth initiatives, Wesfarmers will also retain its 50 per cent ownership of flybuys, recently voted Australia’s favourite loyalty program, to better leverage the combined digital and data ecosystem, improve customer offers and continue development of the loyalty program.

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