Debenhams shares rise on bid talk
Shares in department store group Debenhams have risen more than 7% after it emerged that a Dubaibased investor had upped its stake in the firm.
Speculation grew that Milestone Resources might be planning a takeover bid after it increased its holding in the struggling chain from 8.4% to 9.1%.
Debenhams, which has 136 stores in the UK and Irish Republic, has previously been the subject of bid rumours.
Its shareholders include Icelandic group Baugur, which holds a 13% stake.
In July last year, Baugur said it did not intend to bid for Debenhams and would not increase its holding above 30%, which requires a bid to be made under stock market rules.
Earlier this month, Debenhams reported a 2.2% rise in likeforlike sales over the fourweek Christmas trading period, but added that it was cautious about its prospects in the face of "fragile" consumer confidence.
Milestone is an investment group linked to Dubaibased retailer Landmark, which has more than 600 shops in India, Spain and the Middle East. Both companies are headed by Indianborn entrepreneur Micky Jagtiani.
Original source : BBC News Online
