Endeavour shares fall after Woolworths selldown
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More news: Shares in Endeavour Group were down more than 2% to $5.23 after supermarket Woolworths sold down its remaining 4.1% stake in the Dan Murphy's and BWS owner via a block deal for $383 million.
Woolworths shares were 0.08% lower in early trading on the ASX.
Woolworths spun off Endeavour through an ASX listing in June 2021, and has pared down its stake gradually since then.
Woolworths sells down remaining stake in Endeavour
The news: Supermarket company Woolworths has agreed to sell its remaining stake in drinks group Endeavour for $383 million.
The numbers: Woolworths said in a statement to the ASX it would sell the balance 4.1% stake in Endeavour that it still holds through a block trade at $5.23 per share, a slight discount to the drinks group’s $5.34 closing price on Friday. Woolworths had earlier sold a 5% holding in Endeavour in May at a similar price.
The context: The country’s top supermarket chain spun off Endeavour through an ASX listing in June 2021, retaining a 14.6% stake, which it has pared down gradually. Endeavour is Australia’s biggest alcoholic drinks retailer and operates both Dan Murphy's and BWS retail store chains.
Woolworths said it would use the proceeds to buy the remaining 35% stake in PFD Food Services. It had acquired a 65% holding in the wholesale food distribution business in 2020.
The source: ASX announcement
