The Traderszone Network

Published in TZ Latest News 13 July, 2014 by The TZ Newswire Staff

Australia’s David Jones shareholders back $2 billion South African Woolworths bid

Shareholders of David Jones Ltd, Australia’s No. 2 department store by sales, on Monday backed a $2 billion bid by South Africa’s Woolworths Holdings Ltd, ending weeks of uncertainty over the intentions of top shareholder Solomon Lew. David Jones said 96.8 percent of shareholders had voted in favor of the deal at a special meeting on Monday. The takeover has already been endorsed by Woolworths shareholders and the David Jones board, which has watched profits fall while the A$18.7 billion ($17.6 billion) department store sector shrinks and online shopping grows up to 30 percent annually.

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