Australia's David Jones shareholders back $2 billion South African Woolworths bid

Shareholders of David Jones Ltd, Australia's No. 2 department store by sales, on Monday backed a $2 billion bid by South Africa's Woolworths Holdings Ltd, ending weeks of uncertainty over the intentions of top shareholder Solomon Lew.

The vote cements Woolworth's largest ever deal and marks a new era for the 176-year-old Sydney-based firm, which has languished for half a decade as online retail ravaged its traditional store-based model.