By  on April 9, 2008

The Icelandic group Baugur, which holds an 8.58 percent stake in Saks Fifth Avenue, has cast off its noncore assets, and plans to devote itself to one business: retail.

Baugur said Tuesday it has agreed to sell off its media, technology and financial investments to two new independent companies — Stodir Invest and Styrkur Invest — for 430 million pounds, or $847 million at current exchange.

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