Report: Baugur in buyout talks with Saks

NEW YORK Saks' second-largest shareholder, the Icelandic Baugur Group, reportedly is in talks with the company over a potential buyout deal.

According to reports, Baugur his been discussing a possible acquistion with Saks executives, however, it is not yet known if anything will come from these talks.

The move may be part of Baugur's attempt to enter the U.S. market, reports indicate. The company already owns British retailers House of Fraser and Karen Millen.