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Woolworths confirms plan to split from its liquor business Endeavour Drinks

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Supermarket giant Woolworths has confirmed its plan to spin off its liquor business into a separately listed company.

The major supermarket chain first flagged the plan in mid-2019 and on Monday revealed it had taken the final steps to demerge Endeavour from the parent company, saying the split into two entities was “preferable to other available options”.Woolworths chief executive Brad Banducci said the demerger would create two strong publicly-listed companies.

“The Woolworths Group board believes that a demerger of Endeavour Group will enhance shareholder value and it will create two leading ASX-listed companies,” Mr Banducci said. “We believe both businesses, post demerger, have strong future prospects and will benefit from greater simplicity, focus and ongoing partnership.”

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