Wesfarmers to Sell Coregas to Nippon Sanso for $480 Million (2)

Wesfarmers Ltd. will sell its Coregas industrial gas unit to a subsidiary of Nippon Sanso Holdings Corp. for A$770 million ($480 million).

The Australian conglomerate expects to report a pre-tax profit of as much as A$260 million following completion of the transaction, expected in mid-2025, Wesfarmers said Friday in a regulatory filing.

“The divestment is in the best interests of Wesfarmers shareholders and is consistent with our disciplined focus on portfolio management,” Managing Director Rob Scott said.

Wesfarmers shares fell 5% in Sydney trading on Friday, their biggest one-day loss since May 2022.

Wesfarmers “has received a strong price for ...