Carlos Slim Adds to Saks (SKS) Stake; Now at 25M Shares

November 25, 2008 5:37 PM EST
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In a Form 4 on Saks (NYSE: SKS), billionaire investor and formerly the richest man in the world, Carlos Slim, disclosed that on Nov. 21, one of his entities purchased 1.5 million shares at prices ranging from $2.76 to $3.00, bringing his stake to 25 million shares.

Slim's latest trade, which took place Friday afternoon, came as shares of Saks were down about 18% intraday. Slim began pulling the trigger just after the stock bounced after setting a new 52-week low at $2.67. Since Slim added to his position, shares of Saks have risen about 33%, closing today's trading session at $3.56.

Notably, Carlos Slim's Inmobiliaria Carso SA DE C V is currently the largest shareholder in Saks.

Saks Incorporated, a fashion retail company, together with its subsidiaries, operates fashion retail stores under the brand names of Saks Fifth Avenue (SFA), Off Fifth, and Club Libby Lu (CLL) offering a range of luxury fashion apparel, shoes, accessories, jewelry, cosmetics, and gifts.

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