Baugur may make offer for Saks
by Kay Murchie
Baugur, which owns House of Fraser, has announced that it may make a joint bid for the upmarket US department store chain Saks.
Saks Fifth Avenue Enterprises (SFAE) comprises 54 Saks Fifth Avenue stores, 49 Saks Off 5th stores, 62 Club Libby Lu specialty stores and saks.com.
Baugur, the Icelandic retail investor, said it may link up with Dubai-owned retailer Landmark Group to make a formal takeover approach. The next step for Baugur is to hold talks with the board and senior managers of Saks.
Following the announcement, shares in Saks rose almost 9% in after-hours Monday trading in New York. The company has declined to comment on the takeover.
Shares in Saks have risen nearly 14% since the start of the month following news in the press surrounding a takeover of the luxury department store.
Landmark has a chain of supermarkets in India and already holds a stake in Saks.
Story link: Baugur may make offer for Saks
Add to Bookmarks:
Related Stories:
Debenham’s shares soar after bid rumours ...Moss Bros is subject to £40 million takeover ...
Qwest fights Verizon for MCI ...
Sainsbury’s Bid May Fail On Cash Shortage ...
Debenhams Takeover Talks Fuel Share Price Growth ...
Previous: « World’s biggest banks hit by credit crisis
Next: Schroders dismisses credit crunch - third quarter profit up »
Visited 132 times, 1 so far today