Woolworths has raised $636 million by promoting down its stake in alcohol retailer Endeavour Group amid stories it’s considering buying a majority stake in pet retailer PETstock.
Following the sale of 98.5 million Endeavour shares in a block commerce at $6.46 every, Woolworths mentioned it’ll retain a 9.1 per cent stake within the Dan Murphy’s and BWS operator, down from 14.6 per cent. It demerged Endeavour Group final 12 months.
“Our decision to reduce our stake comes after a successful transition from ownership to partnership with Endeavour Group,” Woolworths chief government Brad Banducci mentioned.
“The proceeds will be used for strategic investments and general corporate purposes.”
The Australian Financial Review reported on Monday that Woolworths deliberate to amass a greater than 50 per cent stake in pet meals and accent retailer PETstock for about $600 million.
Woolworths mentioned additional particulars can be disclosed as soon as the Endeavour Group block commerce is finalised.
