Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Baugur confirms plans for joint Saks bid

Icelandic investor Baugur has confirmed it is plotting a bid for Saks Fifth Avenue with the Dubai based Landmark Group, as revealed exclusively in Drapers magazine (October 20th).

The Icelandic investment firm said in a statement issued to the New York stock exchange, it "would like to explore the possibility of making a proposal for the acquisition of Saks".

Baugur also said it had held talks with Landmark about a possible joint bid for the US department store group. The group is run by Mickey Jagtani who expressed an interest in buying New Look earlier this year.

Last month Drapers reported that Baugur management had been spotted meeting with the Saks management and scoping Saks stores as a pre-cursor to a bid.

Baugur already holds an 8% stake in Saks. An investment group led by Jagtiani has a 1.2% stake. The bid consortium is also expected to include retail entrepreneur Sir Tom Hunter.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.