Woolworths plans R10bn rights offer

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Woolworths_dec 10 INDEPENDENT MEDIA File photo by Simphiwe Mbokazi

Johannesburg - Woolworths plans to raise 10 billion rand through a rights offer to help repay financing for its acquisition of Australia's David Jones, the company said on Friday.

Woolworths, an upscale retailer of food and clothing, this month finalised its A$2.2 billion (R21 billion) purchase of Australia's second-largest apparel retailer to create a global player focused on the southern hemisphere.

The deal was partly financed by short-term funding from banks, including Citigroup, JPMorgan Chase & Co and Standard Bank, which needs to be repaid, Woolworths said in a regulatory filing.

The company said it plans to release details of the rights offer on Tuesday, with the offer to close on September 26. - Reuters

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