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Woolworths plans R10bn rights offer

Johannesburg - Woolworths [JSE:WHL] plans to raise R10bn through a rights offer to help repay financing for its acquisition of Australia's David Jones, the company said on Friday.

The upscale retailer of food and clothing this month finalised its A$2.2bn ($2bn) purchase of Australia's second-largest apparel retailer to create a global player focused on the southern hemisphere.

The deal was partly financed by short-term funding from banks - including Citigroup, JPMorgan Chase & Co and Standard Bank - which needs to be repaid, Woolworths said in a regulatory filing.

The company said it plans to release details of the rights offer on Tuesday, with the offer to close on September 26.

Woolworths shares were up 0.05% to R79.11 at 14:00.

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