SYDNEY: Shareholders of iconic Australian retailer David Jones Ltd have approved a US$2bil takeover from South Africa’s Woolworths Holdings Ltd, voting overwhelmingly to create a southern hemisphere department-store giant.
Investors set aside their nostalgia about the 176-year-old firm falling into foreign hands and embraced the chance to thrust David Jones into the Internet age, with Woolworths’ A$4 per share offer receiving 96.8% approval.
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