Woolworths in talks to sell retail biz

Thursday, November 27, 2008 at 3:11 am under Business News Woolworths in talks to sell retail biz

British retailer Woolworths Group Plc on Wednesday (November 26) said it is in talks for sale of its retail business and its stake in the entertainment venture with BBC Worldwide, and that being the reason, its shares have been suspended from trading on the London Stock Exchange (LSE).

As the outcome of this discussion could have an impact on the company’s financial position, the company has requested suspension of trading of its shares on LSE, and the latter confirmed in a statement today that trading in the shares of Woolworth have been temporarily suspended on the bourse.

“The board of Woolworths Group Plc confirms that it remains in discussions relating to the potential sale of its retail business,” the company said in a filing to LSE. The board is also in talks with BBC Worldwide for a possible sale of its 40 per cent stake in their joint venture 2Entertain, it added.

The firm said the discussions in relation to such sales are being pursued with vigour, however, the terms have not yet been agreed upon. Accordingly, there can be no assurance that a sale of the group’s retail business or of its interest in 2Entertain will be concluded, the filing added.

(With inputs from agencies)

( This post is from an independent writer. The opinions and views expressed herein are those of the author and are not endorsed by APakistanNews.Com.)

Written by: Sajid Manzoor

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