Woolworths (ASX:WOW) and Endeavour (ASX:EDV) shares are gaining limelight, here’s why

December 15, 2022 12:15 PM AEDT | By Sonal Goyal

Woolworths (ASX:WOW) and Endeavour (ASX:EDV) shares are gaining limelight, here’s why — Image source: © 1000words | Megapixl.com

Woolworths to reduce stake in Endeavour Group

According to ASX announcement dated 14 December 2022, Woolworths has agreed to sell 5.5% of Endeavour Group at a price of AU$6.46 per share through a block trade. After the sale of the issued capital in Endeavour, Woolies will retain a 9.1% interest in the company.

Woolworths said that it has no intention to take up further sell down in the medium to short term.

On the development, Brad Banducci, CEO of Woolworths, commented,

As reported, the sale has yet to be finalised, and further details will be made available after the deal has been finalised.

The partnership between Woolworths and Endeavour

According to an ASX announcement, there are numerous partnership agreements in place between Woolworths and Endeavour. The agreement includes the provision of supply chain solutions via a joint food, primary connect, and liquor offer via co-located BWS stores and online, BWS a crucial partner as part of Everyday rewards and payment services provided by WPay.

The company informed that these partnerships remain unaffected post the sale of 5.5% interest in Endeavour Group.

Share price snapshot of Endeavour

Following the update on Wednesday (14 December 2022), Endeavour shares closed 4.33% lower at AU$6.41 per share with a market capitalisation of AU$11.99 billion. In the past five trading sessions, the share price has declined by 8.50%, and it has dropped by 9.28% in one month. In the past 12 months, it has reduced by 3.25%, and on a year-to-date basis, it has fallen by 5.67%. Endeavour Group’s share registered a rise of 5% in the last five years.

Today, at 10:42 AM AEDT, the shares were spotted trading 1.48% higher at AU$6.50 per share.

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