DataRoom AM: Department store shopping

DJs’ startling news of a Myer offer will bring it scrutiny, while Shell confirms a downstream sale.

David Jones has shocked investors with an admission it received a merger offer from rival Myer Holdings in October last year. Investment bankers remain hopeful it will lead to a $3 billion tie-up, but there’s little to suggest there will be any further talks.

Elsewhere, Royal Dutch Shell confirms plans to offload Australian assets, ERM Power gets approval to buy Macquarie Generation and the Port of Newcastle receives plenty of interest.

Myer Holdings, David Jones

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