Baugur reports initial 8.5% stake in Saks

By Lisa Kerner

Charlotte, N.C., June 11 - Saks Inc. investor Baugur Group hf reported the acquisition of 12,210,000 shares of Saks Inc. common stock through privately entered forward contracts between April 11 and May 7.

Baugur has an initial stake in the New York-based fashion retail company of approximately 8.5%.

According to a schedule 13D filed with the Securities and Exchange Commission, the average forward price per share was $19.24, while the average spot price per share was $21.32.

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