Investment firm may bid for Saks

The Icelandic firm owns British retailers House of Fraser and Karen Millen, and is interested in gaining a foothold in the U.S.


(Fortune Magazine) -- An Icelandic investment firm said on Monday that it might make a joint bid for Saks Inc.

According to a filing with the Securities and Exchange Commission made late Monday, the Baugur Group of Iceland said it has had exploratory discussions with Milestone Resources Group about making a joint proposal to acquire Saks.

Baugur began amassing a stake in Saks this summer, though it has insisted, through a spokesman, that it's interest in the retailer is passive. Baugur and Milestone, also known as the Landmark Group of Dubai, have contracts giving them the right to buy 9.7 percent of Saks outstanding stock.

Fortune.com reported earlier this month that Baugur had an interest in acquiring Saks. The Icelandic firm already owns British retailers House of Fraser and Karen Millen, and is interested in gaining a foothold in the U.S.

Saks (Charts)' stock rose 10 percent in after-hours trading to $21.75. Top of page

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.