Woolworths Agrees to Sell 5% of Endeavour for A$468 Million
By Alice Uribe
SYDNEY---Australian grocer Woolworths Group has agreed to sell 5.0% of Endeavour Group for 468 million Australian dollars, with plans to use proceeds to return capital to shareholders.
Woolworths on Wednesday said the transaction would take place via block trade at a price of A$5.22 per share. Following the sale, Woolworths would be left with around a 4.1% shareholding in Endeavour.
"While Woolworths Group and Endeavour Group remain important business partners, with a number of long-term partnership agreements in place, we no longer believe that a material equity investment in Endeavour Group is required as Endeavour Group approaches its three-year anniversary as an independent listed company," said Woolworths Chief Executive Brad Banducci in a regulatory filing.
There were currently no plans for Woolworths to sell its remaining stake, Banducci said, but added it would continue to assess what it sees is in the best interests of its shareholders.
Write to Alice Uribe at alice.uribe@wsj.com
(END) Dow Jones Newswires
April 30, 2024 18:52 ET (22:52 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Best- and Worst-Performing Stocks of Q2 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations