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TMCNet:  US giant affirms Woolies venture

[December 13, 2012]

US giant affirms Woolies venture

Dec 13, 2012 (The Australian - ABIX via COMTEX) -- US hardware retailer Lowe's has reaffirmed its commitment to its Australian joint venture with retailer Woolworths. The Masters hardware chain is still in the roll-out stage, however Lowe's is confident that it will fare well against rival Bunnings. Lowe's has a contractual right to sell its 33 per cent stake in Masters to Woolworths after October 2013. Both joint venture partners have dismissed suggestions that start-up costs have been excessive. Woolworths shares closed $A0.30 weaker at $A29.53 on 13 December 2012.


Publication Date: 14 December 2012 WOOLWORTHS LIMITED - ASX WOW LOWE'S COMPANIES INCORPORATED MASTERS HOME IMPROVEMENT AUSTRALIA PTY LTD WESFARMERS BUNNINGS LIMITED WESFARMERS LIMITED - ASX WES MERRILL LYNCH (AUSTRALIA) PTY LTD MADISON CROSS CORPORATE ADVISORY

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