Woolworths Group completes Petrol sale, announces off-market buy-back and outcomes of BIG W network review
Completion of sale of Woolworths Group's Petrol business and announcement of off-market buy-back
Woolworths Group today announces the successful completion of the sale of its Petrol business to EG Group, with proceeds from the sale to be returned to shareholders via a $1.7 billion off-market buy-back (Buy-Back). The offer period will open on 16 April.
Woolworths Group Chairman, Gordon Cairns, said: "We remain focused on maximising shareholder value and as foreshadowed at our half-year 2019 results, we will return the proceeds from the Woolworths Petrol sale to shareholders. A number of capital return options have been considered, and we believe that an off-market buy-back is the best option for the company and shareholders and will result in a significant franking credit release. The Buy-Back complements dividends of $1.4 billion already paid to shareholders this financial year through the F18 final and special dividends, and the F19 interim dividend. Following the Buy-Back, the Woolworths Group balance sheet will remain strong and allow sufficient flexibility for future growth."
