Woolworths hopes the promise of faster growth from its $40 billion food and $10 billion drinks divisions will counter investor concerns about additional costs created when the two become separate entities next year.

Australia's largest retailer is putting the final touches on documents to be sent to about 445,00 shareholders ahead of a meeting on December 16, when they will be asked to approve the merger of Woolworths' retail liquor business Endeavour Drinks with its 75 per cent-owned hotel and gaming business ALH.