Green light for Woolies’ $1.7bn fuel deal
The FIRB said the Commonwealth had no objection to the takeover, which was the only condition needed for the $1.725 billion deal to proceed.
As part of the deal to sell its 540 fuel convenience sites, Woolworths will also commence a wholesale food supply agreement to the network. Woolworths four cent per litre fuel discount will continue and customers will continue to earn Woolworths Rewards points on fuel and merchandise.
In a statement released to the ASX on Thursday morning, Woolworths Group said it intends to return up to $1.7 billion to shareholders. Full details will be announced on completion of the deal, which is expected to occur in April 2019.
This story originally appeared on sister-site Inside FMCG.
Inside Retail Polls
Department store Myer has further streamlined its executive team, cutting 35 roles from its head office in Melbourn… https://t.co/jEPQL27ujx5 days ago
Clothing retailer Jeanswest is the latest retailer to enter voluntary administration, citing difficult trading co… https://t.co/xyBNwDPO0J6 days ago