Conglomerate Wesfarmers says it expects a lower dividend for the third consecutive year as it launches a heavily discounted rights issue to raise nearly $3 billion to help pay down debt from its $20 billion Coles acquisition.

Conglomerate Wesfarmers says it expects a lower dividend for the third consecutive year as it launches a heavily discounted rights issue to raise nearly $3 billion to help pay down debt from its $20 billion Coles acquisition.