Baugur Group May Bid for Saks

Washington, D.C., Icelandic investment firm Baugur Group HF disclosed Monday in a regulatory filing that it would like to explore the possibility of acquiring U.S. department store Saks Inc.

Baugur Group, which currently owns 12.2 million Saks shares that amount to an 8.5% stake in the company, said it may make a joint proposal for the acquisition of Saks with Dubai-based Landmark Group, an investment firm with a 1.2% stake in Saks.

Baugur said Monday in an activist shareholder filing with the Securities and Exchange Commission that it decided to explore a possible buyout of the company after meeting with members of Saks' management and that it has already consulted with legal and financial advisers about a possible transaction. Baugur said it expects to have further discussions with the retailer's management and board.

There has been no comment from Saks.