Woolworths has resolved its legal battle over the Masters sale

WOOLWORTHS can press ahead with the sale of Masters’ property assets after resolving a bitter legal dispute with its former partner.

WOOLWORTHS can press ahead with the sale of Masters’ property assets without the consent of its former joint venture partner.

Woolies says an award in the confidential arbitration between the supermarket chain and Lowe’s means the US hardware giant must sell its 33 per cent stake in the failed Masters stores.

Home Consortium, which includes companies behind retailers Spotlight and Chemist Warehouse, reached agreement with Woolworths in August to buy Masters’ 61 hardware stores and 21 development sites for $835 million.

But Lowe’s challenged Woolworths’ termination of the $1 billion loss-making joint venture, accusing it of “stitching up” the deal through “shareholder oppression” and alleging “wrongful corporate conduct”.

It argued that the company had pressured shareholders in bad faith by pushing through resolutions to terminate the agreement.