Australia’s biggest supermarket operator Woolworths Group plans to merge and spin off its highly profitable drinks and hospitality divisions, as it sharpens its focus on its core food business and responds to investor pressure over its gaming business. The merger of Endeavour Drinks and ALH, Woolworths’ hospitality division which includes its gaming operations, would create a business with annual sales of about A$10bn ($7bn) and earnings before interest tax depreciation and amortisation of about A$1bn a year, the company said in a stock exchange announcement on Wednesday.
Australia’s biggest supermarket operator Woolworths Group plans to merge and spin off its highly profitable drinks and hospitality divisions, as it sharpens its focus on its core food business and responds to investor pressure over its gaming business. The merger of Endeavour Drinks and ALH, Woolworths’ hospitality division which includes its gaming operations, would create a business with annual sales of about A$10bn ($7bn) and earnings before interest tax depreciation and amortisation of about A$1bn a year, the company said in a stock exchange announcement on Wednesday.
Click here to read the full article (£)
