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Baugur buys stake in Sports Direct

Icelandic investment company Baugur has sparked rumours that it is building a stake in discount retailer Sports Direct, after buying 1% of the business.

Baugur, which has interests in House of Fraser, Debenhams, Mosaic Fashions and Moss Bros, has said that the move is a speculative buy, rather than the precursor to any major investment.

Sports Direct has suffered the resignation of its non-executive chairman, issued a profit warning and seen its share price plummet to less than half the 300p it debuted at since floating.

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