March 16 (Reuters) - Wesfarmers Ltd WES.AX :
* ANNOUNCES ITS INTENTION TO DEMERGE ITS COLES DIVISION, SUBJECT TO SHAREHOLDER AND OTHER APPROVALS
* STEVEN CAIN WILL BE NEXT MANAGING DIRECTOR OF COLES SUCCEEDING JOHN DURKAN
* IT IS ANTICIPATED THAT PROPOSED DEMERGER WOULD CREATE A NEW TOP 30 COMPANY LISTED ON AUSTRALIAN SECURITIES EXCHANGE
* PROPOSES TO RETAIN A MINORITY OWNERSHIP INTEREST OF UP TO 20 PER CENT IN COLES FOLLOWING DEMERGER
* PROPOSES TO RETAIN A SUBSTANTIAL OWNERSHIP STAKE IN FLYBUYS
* IF APPROVED, DEMERGER IS EXPECTED TO BE COMPLETED IN FY19