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