Cape Town - The Federal Court of Australia on Thursday approved the Woolworth [JSE:WHL] takeover of David Jones, the South African retailer said in a statement.
The $2bn takeover will become effective on Friday when David Jones lodge a copy of the orders of the court approving the scheme with the Australian Securities and Investment Commission. David Jones will also on Friday apply for its shares to be suspended from trading at the close of trading on the Australian Securities Exchange.
Implementation of the acquisition is expected to occur on or about August 1 2014 after which David Jones will become a wholly owned subsidiary of Woolworths Holdings.
Woolworths CEO Ian Moir said it is a major milestone in the company's strategy to become a leading Southern Hemisphere retailer.
"For customers, the combination of David Jones and Woolworths is all about choice and value and we will now move quickly to deliver these. We intend to build on DJ’s iconic status in Australia.”
The $2bn takeover will become effective on Friday when David Jones lodge a copy of the orders of the court approving the scheme with the Australian Securities and Investment Commission. David Jones will also on Friday apply for its shares to be suspended from trading at the close of trading on the Australian Securities Exchange.
Implementation of the acquisition is expected to occur on or about August 1 2014 after which David Jones will become a wholly owned subsidiary of Woolworths Holdings.
Woolworths CEO Ian Moir said it is a major milestone in the company's strategy to become a leading Southern Hemisphere retailer.
"For customers, the combination of David Jones and Woolworths is all about choice and value and we will now move quickly to deliver these. We intend to build on DJ’s iconic status in Australia.”