Australia's oldest department store to pass into the hands of Woolworths
July 15, 2014, 12:00 am TWN
SYDNEY--Shareholders in Australia's oldest department store, David Jones, on Monday approved an AU$2.1 billion (US$1.98 billion) takeover of the upmarket chain by South African retail giant Woolworths Holdings.
The David Jones board had unanimously backed the Woolworths proposal, and the AU$4 a share offer was overwhelmingly supported by shareholders, winning close to 90 percent approval.
Woolworths hopes its Australian acquisition will allow it to become one of the 10 largest department store operators in the world.