Australia shares jump to 5-1/2 year highs
Published on Apr 9, 2014 10:51 AM
SYDNEY (Reuters) - Australian shares climbed to 5-1/2 year highs on Wednesday morning as department store operator David Jones rocketed on a S$2.5 billion takeover bid, triggering a buying frenzy in the retail sector.
A rebound on Wall Street overnight had already given the market the early impetus, and an uptick in gold prices drove bullion miners up.
The spotlight was on David Jones, which went on trading halt on news it had agreed to a takeover offer from Woolworths Holdings that valued the company at around A$2.15 billion (S$2.5 billion).
The shares had soared 25 per cent to the takeover bid price of A$4.00, and was up 22.9 per cent at A$3.92 at the time of the trading halt.
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