Chocolate maker Lindt has agreed a deal to buy its US rival Russell Stover, which will make it the third largest chocolate manufacturer in North America.

Although financial details of the deal have not been released, it has been described as the “biggest and most important strategic acquisition in Lindt & Sprungli's history” according to chairperson Ernst Tanner.

Russell Stover owns the Whitman's brand in the US. It is known for its boxed chocolates and has four chocolate factories in the US, and also runs a chain of 35 shops which generates annual sales of about $500 million.

David Jones shareholders give green light to takeover Shareholders in Australia’s second largest department store have voted in favour of a takeover bid from South African company Woolworths Holdings.

Established 176 years ago, David Jones has long been a household name in Australia but has lost ground to online retailers in recent times. The $2 billion offer will be subject to competition tests and permission from the South African central bank to go ahead.

Gordon Cairns, David Jones' chairman, said: This is a compelling proposal which represents a significant premium to not only our intrinsic value, but also to broker valuations and recent share prices."