Woolworths is set to return another $1.7 billion to shareholders in April after the Foreign Investment Review Board (FIRB) today approved its sale of 540 petrol stations to the UK based EG group.

The company (WOW) has said the money would be returned to shareholders when the deal closed.

The retailer paid shareholders 45 cents a share after its half year results which was up 4.7 per cent from year ago levels.

The sale to EG, which was first foreshadowed by The Australian’s DataRoom column in October was announced in November followed a lengthy sales process.

Under the deal Caltex will continue to supply fuel to the EG owned stations.