Carlos Slim Helú is the second richest man in the world, but that doesn’t mean he isn’t a bargain shopper.
This story first appeared in the July 11, 2008 issue of WWD. Subscribe Today.
A trust controlled by the family of the Mexican billionaire took advantage of a low in Saks Inc.’s stock on Monday, snatching up another 2 million shares and building its stake in the luxe retailer to 15.4 million shares, according to a filing with the Securities and Exchange Commission.
That’s a 10.9 percent piece of the company, given 140.8 million shares outstanding as of the end of the first quarter on May 3.
The Inmobiliaria trust bought up the shares at prices ranging from $9.45 to $9.75.
Shares of Saks closed down 3.8 percent to $9.40 on Thursday after the retail chain posted a 1.9 percent rise in comparable-store sales for June. Over the last 12 months, shares of the company have traded as high as $23.05 and as low as $9.42.
Helú, 68, whom Forbes magazine ranks behind investor Warren Buffett on its rich list, made his money in the telecom world and is worth an estimated $60 billion.
A Saks spokeswoman did not return a call for comment.