According to the Financial Times, Baugur, an Iceland-based investment group, has reportedly built up a $250 million investment in Saks Inc.
The Icelanders have bought shares in the past few weeks and on Monday revealed a stake of 8.08 per cent in Saks, operator of 54 upmarket stores, including New York's flagship Fifth Avenue store.Baugur paid just under $22 a share, or about $250m, through a series of forward contracts.
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