DJs takeover one step closer

 

David Jones, department store, South African retailer, Woolworths, has secured shareholder approval to proceed with its $2.2 billion takeover of department store, David Jones.

Woolworths shareholders ­approved the ­acquisition and a $1 billion capital raising at a general meeting in Cape Town on Tuesday, reports The Australian Financial Review.

“What this does is remove some uncertainty for David Jones shareholders,” a spokesman for Woolworths said.

David Jones shareholders are yet to officially approve the bid, with a meeting to be held on June 30.

 

 

 

 

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