David Jones Takeover By Woolworths HoldingsMd Noman Siddique (Author) Published Date : Jul 17, 2014 11:05 IST
Famous Australian departmental store David Jones is all set to be taken over by the South African Woolworths Holdings after it has been approved by the Sydney court recently.
These will a $2bn deal for the Australian company which has been cleared after the court s decision while the share holders of the company also backed it comprehensively and Friday will be the last trading for the Australian company in the stock market and it was learnt that the share price will be $3.75 per share.
However the Australian security and Investments Commission have raised some concerns over the decision of takeover but those were declined by the Sydney court and according to the two parties the deal was a pleasant one for them.
According to the CEO of Woolworths Ian Moir, This is a very exciting moment in the history of both Woolworths and David Jones and a major milestone in our strategy to become a leading Southern Hemisphere retailer.
The Australian departmental store has been famous over the years but the recent down fall of the business as their rivals and the online business competition have increased which is also a main reason for the sell.
David Jones has 38 stores all over Australia while the company has been established 176 years ago and was a familiar name in the Australian household goods.
On the other hand the Woolworth Holdings who take over the Australian departmental store has no relations with another famous Australian supermarket chain Woolworths Ltd.
David Jones Takeover By Woolworths Holdings