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Cape Town - Woolworths [JSE:WHL] announced on Friday that it has received approval from the Australian Foreign Investment Review Board for its takeover offer for the remaining shares in Country Road.
With the final outstanding condition to Woolworths' offer now satisfied, it has become unconditional, said Woolworths.
Once it obtains 90% of shares, Woolworths said it "intends to proceed to compulsory acquisition of all outstanding Country Road shares".
The retail giant earlier announced a bid to buy out Australian fashion chain Country Road as part of its plan to take over prestigious department store David Jones.
The Federal Court of Australia has already approved Woolworths' takeover of David Jones.
Woolworths CEO Ian Moir said it was 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.”
With the final outstanding condition to Woolworths' offer now satisfied, it has become unconditional, said Woolworths.
Once it obtains 90% of shares, Woolworths said it "intends to proceed to compulsory acquisition of all outstanding Country Road shares".
The retail giant earlier announced a bid to buy out Australian fashion chain Country Road as part of its plan to take over prestigious department store David Jones.
The Federal Court of Australia has already approved Woolworths' takeover of David Jones.
Woolworths CEO Ian Moir said it was 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.”
