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Woolworths says full-year sales rise

Australian court approves David Jones takeover.
  • Group sales increased by 14.4 pct for 52 weeks of 2014 financial year
  • Sales in comparable stores grew by 9.1 pct
  • Clothing sales in South Africa increased by 10.6 pct, sales in comparable stores grew by 8.6 pct
  • Food sales grew by 14.8 pct, sales in comparable stores grew by 10.7 pct

  

An Australian court on Thursday approved the takeover of Australia‘s David Jones Ltd by South Africa‘s Woolworths Holdings Ltd, clearing a final hurdle for the $2 billion deal.

Shareholders of both companies have already voted in favour of the A$4.00 per share bid for Australia‘ No.2 department store by sales.

But the Australian Securities and Investment Commission had raised concerns about a separate bid byWoolworths for another Australian retailer, Country Road Ltd. Billionaire retailer Solomon Lew was a major shareholder in both David Jones and Country Road.

  
  
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