Manufacturing Industry
Baugur considers joint bid for Saks.(INTERNATIONAL NEWS)
Cosmetics International, November, 2007
Icelandic investment group Baugur says it might team up with Dubai-based retailer Landmark Group to make a bid for Saks Fifth Avenue.
Baugur has submitted a filing which states, "it would like to explore the possibility of making a proposal for the acquisition," having built up an 8.5% stake in the US department store chain.
An investment group run by Landmark ceo Mickey Jagtiani owns a further 1.2% stockholding, putting the two just ahead of Mexican billionaire Carlos Slim, who holds just over 9%.
Baugur, which also owns the UK department store chain, House of Fraser, says it expects to hold discussions with the Saks management regarding an acquisition.
Saks has 54 Saks stores and 49 Off Saks discount outlets in the US, and saw net...
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