Court approves takeover of David Jones

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IOL bus jun19 David Jones

AFP

People walk past the flagship store of Australian retailing giant David Jones in Melbourne's Bourke Street Mall. Picture: William West

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.

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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