Selfridges questions Baugur on holding
Icelandic retailer asked for details of stake
February 17 2003
Department store operator Selfridges has asked Baugur for details of the stake it has bought in the business.
Selfridges has written to Baugur asking for clarification of the number of shares it has bought and the name under which it has acquired the holding.
Baugur bought around 1m shares in Selfridges last month, a stake of about 0.75 per cent. Under stock market rules, it has no obligation to formally disclose holdings under 3 per cent.
The Daily Telegraph reports that Peter Williams, Selfridges’ new chief executive, is “relaxed” about Baugur’s investment. Selfridges share price has dropped in recent weeks to the point where it is less than the freehold value of the Oxford Street site.
Baugur already has an 8 per cent stake in House of Fraser, as well as holdings in Iceland owner Big Food Group, and supermarket chain Somerfield.
