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Court approves South Africa's Woolworths takeover of Australia's David Jones
July 17, 2014 / 2:35 AM / 3 years ago

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.

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

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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