Foodstuffs faces $50m loss on Warehouse exit

Foodstuffs will sell its 9% stake in The Warehouse for at least $101.1 million.

Fri, 21 May 2021

Supermarket cooperative Foodstuffs will sell its 9% stake in The Warehouse for at least $101.1 million, giving up the $152.7m blocking stake it bought 15 years ago.Trading of Warehouse shares has been halted to facilitate a block sale of the 31.1m shares at a price of at least $3.25. That’s an 11% discount to yesterday’s closing price, and well down from the $5 paid by the then three Foodstuffs cooperatives in 2006 to stop the retailer from making inroads into the grocery sector.Rival supermarket chain Woolworths also bought a...

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