Research published by Credit Suisse on Thursday put the value of Coles at $19.4 billion. Wesfarmers has a market capitalisation of $46.7 billion.
The demerger is expected to be completed in the 2018-19 year.
Wesfarmers will retain a 20 per cent stake in the business "to support strategic alignment between Wesfarmers and Coles in relation to various growth initiatives, including in the areas of data and digital".
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