Mexican Business Mogul Ups Stake in Saks

New York City Mexican billionaire mogul Carlos Slim Helu upped his stake in Saks Inc. in November, buying nearly 7.6 million shares of the company over a four-day period, according to filings with the Securities and Exchange Commission (SEC), and becoming the struggling luxury retailer's largest shareholder, the Associated Press reported.

According to Form 4 filings with the SEC, between Tuesday and Friday, Inmobiliaria Carso SA de CV, a Mexican holding company controlled by members of the Slim family, bought 7.59 million shares of Saks for $2.74 to $3.78 apiece.

The purchases bring Helu's stake to 25 million shares of stock. As of Nov. 1, the company had about 137.7 million shares outstanding, according to its most recent quarterly report, filed on Tuesday.

The move comes as Saks shares have declined 83% since the beginning of the year. Last week, the New York company reported a larger-than-expected loss for the third quarter and said it expects deteriorating profit margins in the fourth quarter as it marks down goods to clear out merchandise.