BIG DEAL IN SHARES

Press, Volume LXXXVI, Issue 26264, 8 November 1950, Page 9

BIG DEAL IN SHARES

£4,000,000 IN F. W. WOOLWORTHS SOLD (N.Z. Press Association—Copyright) LONDON, November 6. A £4,000,000 Anglo-American deal in a block of shares in the English company of F. W. Woolworth, Ltd», was disclosed to-day when it was announced that an American holder had sold 2,000,000 English Woolworth shares at 40s a share to a British syndicate headed by a prominent London banking house. The seller is believed to be Barbara Hutton, the 38-year-old Wool worth heiress. The seller was not the American Woolworth Company, which continues to hold just over half of the English Woolworth Company’s ordinary shares—a holding worth about £67,000,000. A large proportion of the block of 2,000.000 shares has been taken by British Insurance companies and similar institutions which intend to hold them as permanent investments. Some of the shares are being offered on the London Stock Exchange at 42s 6d each. The deal is believed to be for payment at the end of next January, after which the £4,000,000 will have to be reinvested In other sterling securities, as it cannot be taken back to America. The original American seller of the shares can sell the money to other Americans for dollars.