Nov 24, 2017 Last Updated 3:11 PM, Nov 24, 2017

New Entry From the Editor :

Tesla completes construction of the world’s largest lithium ion battery in South Australia

Tesla completes construction o…

AusBN - Tesla has completed construction of its giant lithium ion battery i...

Rio Tinto prolongs association with China’s Sinosteel with JV extension

Rio Tinto prolongs association…

AusBN - Rio Tinto (ASX:RIO) and China’s Sinosteel Corporation have ag...

Amazon arrives in Australian retail market

Amazon arrives in Australian r…

AusBN - Amazon Australia has officially launched and will start taking orde...

Premier Investments buys large stake in Myer

mallAusBNAusBN - Retail group Premier Investments (ASX:PMV) has bought an 11% stake in upmarket department store Myer (ASX:MYR), but has denied claims it will lodge a takeover bid for the retail chain.

Premier, owned by business magnate Solomon Lew, made the AUS$101 million share purchase which sparked an 18% rise in the value of Myer shares immediately after the transaction was announced.

Myer has been subject of takeover speculation for some time after it has struggled in an increasingly saturated Australian retail market.

The businesses financial results have suffered for a number of years, with sales figures most recently dropping by 0.6% to $1.78 billion in the 26 weeks to January 28.

As more international brands enter the Australian retail sector, a number of established companies have felt the effects, most notably fashion brands David Lawrence and Marcs, who were placed in administration last month.

A Myer spokesman said the company acknowledged Premier's stake but maintained that the team remained focused on its transformation plan.

@AusBNOnline

This Month's Issue

AusBN Vol3 Iss1

Subscribe

rgn web banner

abn web banner