Multi-sector retailer Woolworths has secured an initial 5% stake along with its joint venture partner Lowe’s in hardware distributor Danks.
The companies are set to take control of the DIY retailer following the acceptance of the AU$88m (£43m) takeover bid.
An Australian Competition and Consumer Commission inquiry will examine the impact of the acquisition on Danks and also the expansion of Woolworths/Lowe’s into the big-box hardware market, which is dominated by Bunnings at present, operating 160 warehouses.
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