March 29, 2017 / 5:34 AM / 10 months ago

Premier Investments emerges as buyer of stake in Australia's Myer, no bid planned

SYDNEY, March 29 (Reuters) - Australian retail group Premier Investments Ltd on Wednesday said it had purchased a 10.8 percent stake in department store owner Myer Holdings Ltd , but added it had no plans to make a takeover offer at this time.

Shares in Myer, Australia’s biggest department store operator by sales, surged 18 percent on Monday after about 10 percent of the stock changed hands in a single trade, sparking speculation of corporate activity.

Shares closed down 0.4 percent on Wednesday before the announcement from Premier Investments.

Reporting by Jamie Freed; Editing by Randy Fabi

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