Slim Plans to Increase Stake in Saks, OfficeMax
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Carlos Slim Helu, Latin America’s wealthiest businessman, plans to boost his family’s stake in U.S. retailers Saks Inc. and OfficeMax Inc., viewing both companies as undervalued. Slim, who paid $120 million last month for a 7% stake in Saks, owner of the New York landmark Saks Fifth Avenue store, wouldn’t say how much of the companies he wants to buy. He said he’s not thinking of acquiring control of either company. Slim owns at least 8% of Cleveland-based OfficeMax. OfficeMax shares closed unchanged at $6, and shares of Birmingham, Ala.-based Saks closed unchanged at $13.75, both on the NYSE.
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