Pity the fool who doesn’t get its defences intact when Solly Lew’s on the prowl.
South Africa’s Woolworths has extra reason to keep a close eye on its Australian retailer, David Jones.While Woolworths’ head office is a long way away from David Jones’ Sydney base, it is understood Woolworths has tapped a few select advisers in Australia to keep guard, picking up intel and even intercepting offers from tyre-kickers.
The two companies have held talks in the past, never quite sure whether the ACCC would allow a merger, but now realise that the retail scene has changed so much that competition concerns shouldn’t be a major factor. But the whole affair has smoked out at least one other suitor who’s been trying to get in Woolworths’ good books.Of course Lew is also Myer’s largest shareholder, picking up more stock last week to take his stake to close to 23 per cent.The big prize is sticking together two companies disrupted by new entrants and online retailers, and the synergies of combining their footprints.
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