Iceland’s Baugur Considers Saks Takeover Skip to content

Iceland’s Baugur Considers Saks Takeover

Icelandic investment company Baugur Group is seriously considering making a takeover offer for the US chain store Saks. Baugur already holds an 8.5 percent share in the company. Reportedly, many investors are interested in taking over Saks.

According to Vidskiptabladid, Baugur revealed in a regular testimony to the US Financial Supervisory Authority that its representatives had met representatives from Milestone Resources Group (MRG), which is the main shareholder in Saks, for negotiation.

In unconfirmed news, Baugur is planning to offer USD 3 billion (EUR 2 billion) for a governing share in Saks. If accepted, it would be Baugur’s first takeover of an American company.

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