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Court approves takeover of David Jones

Companies

Sydney - 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 favour of the A$4.00 per share bid for Australia' No.2 department store by sales.

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People walk past the flagship store of Australian retailing giant David Jones in Melbourne's Bourke Street Mall on July 14, 2011. Shares in the prestigious department store plunged almost 16 percent after the high-end retailer warned of a profit slump due to sluggish sales which fell 11 percent in the fourth quarter of 2011, the company said. AFP PHOTO/William WEST

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. - Reuters

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