Coles is on course to debut on the ASX next week after Wesfarmers shareholders voted to demerge the supermarket giant into a $20 billion standalone business.
The spin-off - first flagged by the Perth-based conglomerate in March - was approved by 99 per cent of shareholders at a special vote that followed Wesfarmers' annual general meeting on Thursday.
Coles shares will now be listed on the ASX on November 21, subject to regulatory approval.
"As shareholders, we will end up with separate interests in two businesses - a stand-alone Coles, and Wesfarmers without Coles," chairman Michael Chaney told the AGM.
"And both companies ... offer attractive return profiles."
With the disastrous Bunnings UK business already disposed of, Wesfarmers says the spin-off of Coles will further shift investment weighting and focus towards businesses with higher future earnings growth potential.
Currently, Coles accounts for about 62 per cent of Wesfarmers' capital employed, but contributes just one third of group divisional earnings.
Its post-demerger properties will include Bunnings in Australia, Kmart, Target and Officeworks.
Coles, bought by Wesfarmers in 2007, is set to become a top-30 ASX listed company to rival Woolworths.
The conglomerate will retain a 15 per cent interest, with the remaining shares distributed to Wesfarmers shareholders in proportion to their existing holdings.
