As it wins court battle against Lowe’s.
Woolworths has confirmed that an award has been made in the arbitration with Lowe’s in relation to the Masters Home Improvement venture. The battle between Woolworths and Lowe’s began in January 2016 as they negotiated an exit strategy and in August 2016, Lowe’s took Woolworths to court.
In its statement to the ASX, Woolworths says, “As a result, Lowe’s is now required to sell its shares in the joint venture company, Hydrox Holdings Pty Ltd, for a value determined by a third-party independent expert as at 18 January, 2016, within the range of the valid independent expert’s interim valuations previously obtained by each of Woolworths and Lowe’s.
“As a consequence of the award, Woolworths will be able to conclude the proposed transaction with Home Consortium without the consent of Lowe’s, once the final valuation and share transfer processes have taken place.”
