By  on June 24, 2014

SYDNEY — Woolworths Holdings Ltd. has made a $201 million offer to buy out Australian retail magnate Solomon Lew’s shares in midmarket fashion retailer Country Road in what is being considered the latest twist in the South African company’s $2 billion offer for department store chain David Jones Ltd.

Cape Town-based Woolworths already owns an 87.9 percent stake in Country Road. Since 1997, Lew has owned an 11.9 percent stake in Country Road, blocking WHL’s full takeover of the company.

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