Woolworths raises R10bn to expand global footprint

2014-08-29 13:25

Woolworths is raising R10 billion following its acquisition in Australia of David Jones.

It will ask shareholders to come up with the funds in a rights offer.

Woolies said that in order to make the acquisition, it made an unsecured syndicated facility agreement with Citibank, JP Morgan and Standard Bank, among others. It will raise the money to repay the bridging facility.

Woolies said the deal was aimed at expanding international operations and transform itself “into a leading southern hemisphere fashion retailer with sufficient scale to compete effectively with global apparel retailers”.

The last day to participate in the rights offer is September 5.

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