By  on July 7, 2014

SYDNEY — South Africa’s Woolworths Holdings Ltd. is a step closer to its $2 billion takeover of David Jones, despite concerns raised by Australia’s corporate watchdog in a failed Federal Court intervention on Wednesday.

In a statement released to the Australian Securities Exchange on Wednesday evening, David Jones said a Scheme meeting for shareholders to vote on the proposed 4 Australian dollar (or $3.78 at current exchange) a share offer from Woolworths would proceed on July 14 as planned, with the David Jones board continuing to unanimously recommend the WHL proposal in the absence of a superior proposal.

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