Woolworths in Endeavour Group selldown
Woolworths has reportedly raised $636 million in a selldown of shares in alcohol retailer, hotels and poker machine operator Endeavour Group. Photo: AAP
Woolworths has raised $636 million by selling down its stake in alcohol retailer Endeavour Group amid reports it is interested in acquiring a majority stake in pet retailer PETstock.
Following the sale of 98.5 million Endeavour shares in a block trade at $6.46 each, Woolworths said it will retain a 9.1 per cent stake in the Dan Murphy’s and BWS operator, down from 14.6 per cent. It demerged Endeavour Group last year.
“Our decision to reduce our stake comes after a successful transition from ownership to partnership with Endeavour Group,” Woolworths chief executive Brad Banducci said.
“The proceeds will be used for strategic investments and general corporate purposes.”
The Australian Financial Review reported on Monday that Woolworths planned to acquire a more than 50 per cent stake in pet food and accessory retailer PETstock for about $600 million.
Woolworths said further details would be disclosed once the Endeavour Group block trade is finalised.
– AAP
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