Coles Myer, the A$15.6bn (€9.3bn) Australian retailer, this morning revealed it is in takeover talks for a buyout that would smash records in Australia and become the seventh biggest globally.

Coles Myer issued a statement to the Australian Stock Exchange, where it is listed, saying that it had "been approached on behalf of parties wishing to hold discussions regarding the company's ownership." It declined to name the parties involved, but said it would consider any proposals.