Woolworths completes $1.7 billion off-market buy-back

Company News

by Anna Napoli

Woolworths Group (ASX:WOW) has today announced the successful completion of its $1.7 billion off market buy-back.

Demand for the buy-back was very strong with a 84.68 per cent scale back of offers required.

Woolworths Group Chairman, Gordon Cairns says the company is pleased with the outcome and the strong level of investor interest.

The completion of the off-market buy-back fulfils the Board’s commitment to return the proceeds from the Woolworths Petrol sale to shareholders.

Analysts at Morningstar currently have Woolworths flagged as a sell in part due to concerns over a decline in consumer spending on account of the weaker housing market. There is also speculation the entry of German discount supermarket Kaufland in 2021 could reignite a supermarket price war.

Shares in Woolworths (ASX:WOW) are trading 1.22 per cent lower at $32.30.
  

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.