FIRB approval for sale of Woolworth's petrol outlets

Company News

by Katrina Bullock

The Woolworths Group (ASX: WOW) is a step closer to the sale of its 540 fuel convenience sites to British retailer, EG.

EG has received confirmation from the Foreign Investment Review Board (FIRB) that the Commonwealth has no objection to EG acquiring the Woolworths sites.

FIRB approval was the only condition standing in the way of completion.

Completion is now expected to occur in early April 2019.

The Woolworths Group expects the sale to return up to $1.7 billion to shareholders.

Shares in Woolworths Group (ASX: WOW) are trading 1.1 per cent lower at $28.66.