COLES Myer, Australia's largest retailer, says Kmart Holdings is the mystery buyer of a 10.8 per cent stake in grocery wholesaler Independent Holdings.
The stake was bought earlier this week for about A$20.4 million (about HK$105.28 million).
Kmart is owned by Kmart Corp of the United States, which in turn is the largest shareholder in Coles with a 21.5 per cent stake.
Yesterday's disclosure came amid a battle for control of the Australian wholesale grocery business that pits the wholesale operations of major food retailers, including Coles, against five smaller groups.
The market has been speculating that the independents will try to merge despite intense competition among them.
Earlier this year, Coles bought a 15 per cent stake in Queensland state independent grocery wholesaler QIW, acting as a spoiler in a takeover bid for QIW from independent rival Davids Holdings.