Reuters: Private Equity: Australia's David Jones says no credible offers received

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Australia's David Jones says no credible offers received May 31st 2012, 02:02 MELBOURNE | Wed May 30, 2012 10:02pm EDT MELBOURNE May 31 (Reuters) - David Jones, Australia's No.2 department store chain, said it has not received any "credible" takeover offers from private equity firms, and has no intention of selling its property assets. "Nothing to report," said David Jones Chief Executive Paul Zahra when asked if David Jones had been approached by any private equity buyers. There had been "no credible" offers, he told journalists on a media call, declining to be drawn further. Zahra also said consumer sentiment remained "consistently negative" but a drop in the Australian dollar below the value of the U.S. dollar was "very good for local retailers." (Reporting by Miranda Maxwell; Editing by Richard Pullin)

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