Debenhams' shares rose 8.28% today (18 December), fuelled by takeover speculation after investment group Milestone Resources bought a stake in the UK department store chain last week.

It was announced on the London Stock Exchange that Milestone had purchased a 7.37% holding in Debenhams by acquiring 3.2m shares on 12 December.

Press reports linked the share purchase to retail entrepreneur Mahesh "Micky" Jagtiani, the chairman and chief executive officer of Dubai retailer Landmark Group, sparking speculation that he could possibly be lining up a bid for Debenhams.