UPDATE 4-Australia's Woolworths to offload drinks, pubs units amid slot machine pressure [Reuters]
WESFARMERS LTD UNSP/ADR (WFAFY)
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Source: Reuters
UPDATE 4-Australia's Woolworths to offload drinks, pubs units amid slot machine pressure - Reuters 4 Min Read * Woolworths says the move will simplify both businesses * Demerger follows years of pressure over slot machines * Woolworths shares rise to over 1-month high (Adds fund manager comment) By Byron Kaye and Nikhil Nainan SYDNEY/BENGALURU, July 3 (Reuters) - Australia’s biggest supermarket chain Woolworths Group Ltd said on Wednesday it will combine and spin off its drinks and pubs units to focus on its core business, cutting back its contentious involvement in poker-machine gambling. The demerger would give investors exposure to a standalone listed operator of 1,500 liquor stores and 327 pubs worth about A$10 billion ($7 billion), according to analysts, while reducing family-focused Woolworths’ reliance on slot machine revenue. It also marks the beginning of the end of the major retailers’ addiction to poker machine revenue, after Woolworths rival Coles Group Ltd said in March i
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