Woolworths' radical reshape wins investor approval

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Woolworths' radical reshape wins investor approval | pwhatch

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Woolworths boss Brad Banducci's plan to radically reshape the $52 billion retail group by hiving off its bottle shops and pubs arms has been warmly welcomed by investors, who say it will allow the company to focus on its core supermarket business.

The supermarket will retain about 15 per cent ownership of the new company, which will be valued at about $10 billion, based on its earnings of $1 billion last year, and sit around the middle mark of the S&P/ASX100 Index.

Recent demergers have been well received by the market, said Andy Forster, a fund manager at Argo Investment, which owns about $100 million of Woolworths shares, as companies move away from conglomerate structures. "Both of those meant that we needed to pause and work on getting our house in order and we’ve done a lot of work in that regard on both of those,” Mr Banducci said.

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pwhatch *Wins investor approval from two firms who hold 200m+ in shares.

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