Brokers acting for Solomon Lew have outlaid $120 million buying about 30 million shares in David Jones as the retail veteran seeks to secure sufficient stock to block a proposed $2.2 billion takeover by South African retailer Woolworths.
According to Bloomberg data, Pershing Securities Australia has bought $120 million of David Jones shares in the last week – including 10 million shares on Monday and another 10 million on Tuesday – representing about 32 per cent of the turnover in the stock.
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Sue Mitchell writes the fortnightly Window Shopping column for the Financial Review and has covered retailing for over 30 years. Connect with Sue on Twitter. Email Sue at smitchell2045@gmail.com
Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Gretchen Friemann writes on Business specialising in Banking & Finance, Mining, Real Estate. Based in our Sydney newsroom, Gretchen is a Street Talk editor.
