Woolworths' investors show support for DJs deal

South Africa's Woolworths needs to convince its own shareholders of the merits of the David Jones deal, and it may be making some progress on that score.

One of Woolworths Holdings’ largest shareholders has tripled its stake in the South African retailer, in a show of confidence for the company’s planned $2.15 billion takeover of department store David Jones.

Coronation Fund Managers yesterday informed Woolworths Holdings — which has no connection to Australian retailer Woolworths Ltd — that it had increased its stake in the company from 1.81 per cent to more than 5 per cent.

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