The demerger would reposition both companies for the next decade, Mr Chaney said, and would increase Wesfarmers' returns by shifting its focus towards businesses with higher prospects of future growth. "Coles is of a scale where it should be owned and operated separately, having established a strong corporate infrastructure under the Wesfarmers' model of divisional autonomy," he said. Wesfarmers will have a board seat at Coles, and the two companies will share ownership in the flybuys loyalty business. Coles will list on the ASX on November 21, if shareholders give it their approval.