Court approves South Africa's Woolworths takeover of Australia's David Jones

SYDNEY Wed Jul 16, 2014 10:35pm EDT

Shoppers are pictured at a David Jones department store in Sydney, June 20, 2014.   REUTERS/Jason Reed

Shoppers are pictured at a David Jones department store in Sydney, June 20, 2014.

Credit: Reuters/Jason Reed

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SYDNEY (Reuters) - An Australian court on Thursday approved the takeover of Australia's David Jones Ltd by South Africa's Woolworths Holdings Ltd, clearing a final hurdle for the $2 billion deal.

Shareholders of both companies have already voted in favor of the A$4.00 per share bid for Australia' No.2 department store by sales.

But the Australian Securities and Investment Commission had raised concerns about a separate bid by Woolworths for another Australian retailer, Country Road Ltd. Billionaire retailer Solomon Lew was a major shareholder in both David Jones and Country Road.

(Editing by Stephen Coates)

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