Baugur has rejected speculation for the second time in a week that the banking crisis in Iceland will affect its UK investments.
In a statement today, Baugur chief executive Gunnar Sigurdsson said that any sale of shareholdings by an Icelandic bank would have no impact on Baugur's portfolio of companies.
He said: "In the individual cases where Icelandic banks have direct shareholdings in our portfolio companies, we would emphasise that these are all minority shareholdings. For each portfolio company, if a shareholder wishes to sell their holding, standard pre-emption clauses apply providing the other shareholders with the right to acquire that stake in proportion to their shareholding.
"Should an Icelandic bank sell all or part of their minority shareholding, there would be no impact on the successful day-to-day operations and performance of these companies, but would only change the ownership structure."
Over the weekend it emerged that insurance firm Euler Hermes has decided to stop cover for suppliers to some Baugur related businesses, as well as speculation that bank Kaupthing may merge with another Icelandic bank Landsbanki.