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Icelandic Group Buys Stake in Saks

According to the Financial Times, Baugur, an Iceland-based investment group, has reportedly built up a $250 million investment in Saks Inc.

The Icelanders have bought shares in the past few weeks and on Monday revealed a stake of 8.08 per cent in Saks, operator of 54 upmarket stores, including New York's flagship Fifth Avenue store.

Baugur paid just under $22 a share, or about $250m, through a series of forward contracts.

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