We will transform David Jones, say South Africans after $2.15bn offer

Buyer says it can triple the department store's profits after board accepts surprise $4 a share takeover bid

South African retailer Woolworths believes it can dramatically turn around David Jones within five years, after launching a $2.15bn takeover bid for the department store business.

The company, which is unrelated to its Australian namesake, believes it can almost triple David Jones' profitability, adding more than $130m to its bottom line per year by 2019.

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source Guardian