July 14, 2014 / 1:27 AM / 3 years ago

Australia's David Jones shareholders back S.African Woolworths bid

SYDNEY, July 14 (Reuters) - Shareholders of David Jones Ltd , Australia’s No. 2 department store by sales, on Monday voted in favour of $2 billion takeover bid from South Africa’s Woolworths Holdings Ltd.

The vote cements Woolworth’s largest ever deal and marks a new era for the 176-year-old Sydney-based firm, which has languished for half a decade as online retail ravaged its traditional store-based model.

David Jones said 96.8 percent of shareholders had voted in favour of the deal at a special meeting on Monday.

Reporting by Byron Kaye; Editing by Stephen Coates

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