Biggest Aussie deptt store returns to owners

SYDNEY: Australia’s largest department store chain Myer is set to return to the family which opened its first shop more than a century ago in a 1.3 billion dollar (950 million US) deal, reports said Saturday.

The descendents of founder Sidney Myer bought the chain with Newbridge Capital, a private equity firm, and will remain a minority shareholder with a 10 percent stake, according to the Australian Financial Review.

The remainder will be owned by Newbridge, the Asian offshoot of US-owned Texas Pacific Group, and Texas Pacific, the paper said.

A spokesman for the Coles Myer group refused to confirm the deal Saturday, saying the company was yet to make an official announcement. Reports have been circulating for days that Coles Myer Ltd would sell its 61 Myer stores to Newbridge Capital and the Myer family. One of four groups thought to have bid for the chain, South African retailer Edgars Consolidated Stores Ltd (Edcon) withdrew from talks on Friday. afp

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