Icelandic investor Baugur Group announced it is considering making a joint bid for luxury department store Saks Inc. with Dubai-owned Landmark Group.
Baugur, owner of Britain's House of Fraser, said in a filing with the U.S. Securities & Exchange Commission that it intended to hold discussions with Saks' management and board regarding a possible acquisition, and to discuss possible financing.
Baugur is controlled by Jon Asgeir Johannesson and owns or has built up stakes in several British retailers and other companies. Landmark owns hypermarkets in India.
For the last several years, Saks, which operates Saks Fifth Avenue, Off 5th and Club Libby Lu stores, has been overhauling its business and renovating stores after shedding its mid-tier chains. Speculation about a takeover emerged a few weeks ago. Since then, Saks shares have risen nearly 14 percent.