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Woolworths completes buy-back worth $1.7bn

Woolworths has completed a successful buy-back worth $1.7 billion following the sale of its petrol business.

Woolworths Group chairman Gordon Cairns said: “We are pleased with the outcome and the strong level of investor interest. Completion of the off-market buy-back fulfills the Board’s commitment to return the proceeds from the Woolworths Petrol sale to shareholders”.

Mr Cairns said the buy-back will allow “sufficient flexibility for future growth” InsideFMCG reported.

InsideFMCG reported there was a strong demand for the buy-back, a 84.68% scale back of offers was required and structured to avoid disadvantaging shareholders with small holdings.

 

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