LONDON — With the dollar gaining value against the pound and euro, a recession looming in the U.K., and a trans-Atlantic credit crunch in full force, it appears Baugur Group may be having second thoughts about a bid for Saks Fifth Avenue.
Less than a month ago, Baugur chairman Jón Asgeir Jóhannesson said he was “actively” interested in bidding for Saks. Since he spoke on Aug. 22, however, the dollar has gained in strength, advancing to $1.76 from $1.85 against the pound — making Saks a pricier proposition.
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