From Barchart: 2024-04-30 20:37:38

Woolworths to sell 5% stake in Endeavour Group worth A$468 million, via block trade at A$5.22 per share. Plans to return capital to investors and update in August. Outgoing CEO Brad Banducci confirms no significant equity investment needed. Phillip Kimber estimates over A$1.5 billion for shareholder returns.

Shares of Woolworths down 0.4%, while Endeavour slips 5% in early trade. Woolworths to keep remaining interest in Endeavour. Timing of sale before third-quarter results deemed unusual by analyst. Jarden managing block deal, buyers undisclosed.

Endeavour to maintain partnership with Woolworths. Previous stake sale in 2022 amounted to A$636 million. ($1 = 1.5454 AUD)



Read more at Barchart: Australian retailer Woolworths to sell $303 million stake in Endeavour Group By Reuters