Subscribe & Follow

Advertise your job vacancies

Jobs

Absa gets Woolworths Financial Services

2 Oct 2008

Woolworths advised its shareholders today that all the conditions precedent relating to the acquisition by Absa of 50% plus one share of the issued ordinary share capital of Woolworths Financial Services have now been fulfilled.

It is the intention of the board of Woolworths to distribute R2.25 billion of the cash proceeds arising from the transaction and the net cash realised from the transfer of the financial services assets into the joint venture.

The distribution to shareholders will be implemented by way of a special dividend of R750 million, and, subject to prevailing market conditions at the time, an open market share repurchase of the balance.

"A further announcement on the distribution will be made in due course," said Woolworths.

The effective date of the transaction is 1 October 2008.

Published courtesy of