Caltex Woolworths has completed a successful buy-back worth $1.7 billion following the sale of its petrol business.
Woolworths Group chairman Gordon Cairns said: “We are pleased with the outcome and the strong level of investor interest. Completion of the off-market buy-back fulfills the Board’s commitment to return the proceeds from the Woolworths Petrol sale to shareholders”.
Mr Cairns said the buy-back will allow “sufficient flexibility for future growth” Inside FMCG reported. Inside FMCG reported there was a strong demand for the buy-back, a 84.68% scale back of offers was required and structured to avoid disadvantaging shareholders with small holdings.