SYDNEY, March 27 Shares in Australia's biggest
department store operator by sales, Myer Holdings Ltd,
surged 18 percent on Monday after 10 percent of the stock
changed hands in a single trade, sparking speculation of
"Quite a big spike in volume has the market thinking, 'Who
is buying a stake in the group?'," CommSec market analyst Steven
The large share trade was worth A$93 million ($70.96
The Australian Financial Review newspaper, without saying
where it got the information, said sources had named Australian
retail magnate Solomon Lew as a possible buyer.
Lew is the chairman of listed retailer Premier Investments
Ltd. Premier's chief executive, Mark McInnes,
previously headed Myer's biggest rival, department store David
South Africa's Woolworths Holdings Ltd bought David
Jones in 2014 after Lew's company initially blocked the deal by
buying a large stake of the takeover target.
A spokesman for Myer declined to comment on the share
trading, while a spokeswoman for Premier was not immediately
available for comment.
Myer shares have fallen 8.7 percent since the start of the
year despite the large gains on Monday. The Melbourne-based
company on March 16 said sales in January and February had been
($1 = 1.3106 Australian dollars)
(Reporting by Jamie Freed; Editing by Byron Kaye and Stephen