Woolies wins authorised conflict over Masters
WOOLWORTHS can press forward with a sale of Masters’ skill resources but a agree of a former corner try partner.
Woolies says an endowment in a trusted settlement between a supermarket sequence and Lowe’s means a US hardware hulk contingency sell a 33 per cent interest in a unsuccessful Masters stores.
Home Consortium, that includes companies behind retailers Spotlight and Chemist Warehouse, reached agreement with Woolworths in Aug to buy Masters’ 61 hardware stores and 21 growth sites for $835 million.
But Lowe’s challenged Woolworths’ stop of a $1 billion loss-making corner venture, accusing it of “stitching up” a understanding by “shareholder oppression” and alleging “wrongful corporate conduct”.
It argued that a association had pressured shareholders in bad faith by pulling by resolutions to cancel a agreement.
More from my site
Short URL: http://myexpress.com.au/?p=177701