WOOLWORTHS: Iranian tycoon raises stakes

Property developer, Ardeshir Naghshineh raised his stake in Woolworths to 10.2 per cent last week.
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The move was the property tycoon's second raise in shares in the retailer in one week, raising rumours of a possible takeover and boosting shares nine per cent to 6.5p.

Naghshineh, the chairman and founder of Targetfollow Group, has reportedly been contacted by the high street chain's takeover panel to clarify intentions amid speculation that he is trying to organise a bid consortium.

Through his property company Targetfollow Property Holdings Naghsineh has been rapidly increasing his stake in Woolworths since the end of June.

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