Shareholders of Woolworths overwhelmingly backed the retailer's
The acquisition, the biggest on record for the
The deal, once finalised, would create one of the leading retailers in the southern hemisphere, benefiting from an increased number of stores and concurrent fashion seasons.
"This is transformational for Woolworths. This will allow us to take market share from others, both in
"It will allow us to protect ourselves from northern hemisphere entrants coming in and will allow us to be one of the biggest department stores in the world."
Woolworths, which has no connection to the Australian supermarket chain of the same name, already has experience in that market, where it runs an upscale clothing retailer
Moir, pictured, declined to comment on speculation that Australian billionaire
Woolworths plans to fund the acquisition with a mix of equity and debt. It plans to make a share offer in
Shares in Woolworths were up 1.3 percent at R78.8 by
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