Woolworths Holdings shareholders vote for David Jones takeover
South African retailer Woolworths has secured shareholder approval to proceed with its $2.2 billion takeover of David Jones, but the acquisition remains under a cloud until ragtrader Solomon Lew declares his hand.
Woolworths shareholders overwhelmingly approved the acquisition and a $1 billion capital raising at an extraordinary general meeting in Cape Town on Tuesday, overcoming one of the major hurdles to the deal.
“What this does is remove some uncertainty for David Jones shareholders,” a spokesman for Woolworths said. Sydney Morning Herald – Read more…