Coles may be subject to takeover bid

Coles Myer may be subject to a takeover bid, the biggest in Australian corporate history, within only a couple of days.

Shares in Australia's second biggest retailer rocketed to new highs last week following speculation an A$16 ($19.28) billion takeover bid was imminent.

Coles Myer boss John Fletcher revealed on Thursday that a number of parties had approached the company to discuss its ownership.