Saks Inc. (NYSE: SKS) may have gotten a better endorsement than if Warren Buffett or Bill Gates bought into the retailer. Mexican billionaire and the second richest man in the world Carlos Sliim has added some $4.9 million worth of Saks stock. The shares. purchased via a trust called Inmobiliaria controlled by his family, came to 690,000 shares with prices from $6.99 to $7.20. This now takes the total control from the Slim family trust up to 17 million shares.
Saks closed down $0.03 at $6.21 today, and the 52-week trading range is $5.80 to $7.73. Thistransaction makes Slim closer to being the largest holder of theupscale retailer.
In this market, Slim is likely to get the chance to buy as much as he wants.
Jon C. Ogg
October 9, 2008