Billionaire Slim Boost Stakes in Saks, NYT
By Crayton Harrison - Aug 23, 2011 1:00 AM ET .
Billionaire Carlos Slim spent $8.8 million to boost his stakes in Saks Inc. (SKS) and New York Times Co. (NYT), adding to his biggest U.S. holdings as the stock market slumped last week.
Slim’s Inmobiliaria Carso SA investment fund bought 621,000 Saks shares on Aug. 18 for prices ranging from $7.72 to $8.01, according to regulatory filings yesterday. The Mexican billionaire paid $6.83 to $7.09 for 553,000 Times Co. shares the same day.
Named the world’s richest man for a second year in a row in March by Forbes magazine, Slim is following his long-held strategy of adding to his investments when markets slump. Slim’s publicly disclosed holdings are worth about $62 billion, according to data compiled by Bloomberg. Those holdings have declined by about $9.5 billion, or 13 percent, from July 29 through yesterday, in line with the Standard & Poor’s 500 Index.
Arturo Elias, Slim’s spokesman, didn’t return phone and e- mail messages yesterday seeking comment.
Bloomberg.com
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