Danks shareholders approve Woollies buyout

Woolworths' bid to challenge Bunnings takes a step closer after Danks shareholders agree to takeover

September 15, 2009

Woolworths' bid to enter the hardware market is all but complete, after shareholders in Danks Holdings accepted the retail giant's takeover of the company.

Under the deal, Carbonproxy will take over 48.89 percent of the Danks family's investment company. Carbonproxy is a joint venture set up by Woolworths and US home improvement retailer Lowes.

Woolworths Chief executive Michael Luscombe says the acceptance of the share purchase means Woolworths' quest to challenge Bunnings is a step closer.

"We look forward to working with the team at Danks to support independent retailers and improve the competitiveness of the local hardware stores," Luscombe says.

The first Woolworths-owned hardware store is set to open in Coolaroo in late 2011.

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