Woolworths raises A$636 mln in Endeavour Group selldown

Australian supermarket chain Woolworths Group Ltd said on Wednesday it has raised A$636 million ($436.04 million) by selling a part of its stake in alcohol retailer Endeavour Group Ltd in a block trade.

Australian supermarket chain Woolworths Group Ltd said on Wednesday it has raised A$636 million ($436.04 million) by selling a part of its stake in alcohol retailer Endeavour Group Ltd in a block trade. Following the sale of 98.5 million Endeavour shares at A$6.46 ($4.43) each, Woolworths said it will retain a 9.1% stake in the company that it spun out in 2021.

Woolworths told investors when the block trade was launched it had no intention of selling further stock. It said the proceeds from the stake sale in Endeavour, also a hotels and poker machine operator, would be used for strategic investments and general corporate purposes.

Local media has, however, reported Woolworths is interested in acquiring a stake in a pets accessory company. ($1 = 1.4586 Australian dollars)