Billionaire investor Solomon Lew is looking like he will attempt to take a a huge share in David Jones. The speculation has arisen from the news that Solomon Lew has already accumulated a 10% stake in the company.It seems that Lew is trying to reach ownership of 25% of the company so that South African based Woolworths cannot take over the company.
The reason for wanting to block Woolworths from purchasing DJ’s still remains a mystery. It may be that Mr Lew simply wants to increase the value of his other holdings such as Country Road. Having the strong control over David Jones means that Woolworths will need to negotiate with him.
Woolworths and Lew have a strong history together with both parties owning Country Road. Woolworths has refused to buy out Lew’s share which is what Lew is wanting.
Solomon Lew also owns brands such as Dotti, Just Jeans, Portmans and Peter Alexander. A Dotti coupon is available here if you’re looking to make a purchase online.
The coming few weeks will be interesting and whether Woolworths will come to the party is yet to play out.