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Woolworths axes share trading as sale looms

Published: 26 November 2008
Woolworths asked for trading in its shares to be suspended this morning after they fell 25p since Monday.
Woolworths axes share trading as sale looms
Takeover talks, which the firm told this morning were still ongoing, had driven up the shares to open at 1.47p at the start of the week.

However, continuing speculation that the firm, with more than 800 nationwide outlets, would go administration if it could not agree a sale had drive shares to just 1.22p by Wednesday morning.

The firm is still locked in talks with restructuring specialists Hilco, who have tabled an offer of £1, and the sale now centres on how much of Woolworths' estimated £385m debt would be included in the deal.

The Woolworths board also confirmed they were in talks with the BBC over the sale of its 40% interest in the 2 Entertain joint venture with BBC Worldwide.

A spokeswoman said: "Whilst discussions in relation to such sales are being pursued with vigour, terms have not yet been agreed.

"Both sales are subject, amongst other things, to the approval of the group's lending banks.

"Accordingly, there can be no assurance a sale of the group's retail business or of its interest in 2 Entertain will be concluded."

The spokeswoman added that while the sales talks continued they had requested a suspension of the trading of its shares on the London Stock Exchange.


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