Named the world’s richest man in March for the second year running with a fortune estimated at about $74 billion, Carlos Slim certainly has cash to spend. On August 18, the 71-year old Mexican business tycoon increased his stakes in both the New York Times and Saks with the purchase of several shares of both companies, spending $8.8 million.
Through his fund, Carso S A, Slim purchased 553,000 Class A shares in the New York Times for prices raging from $6.83 to $7.09 per share. The new shares increased Slim’s stake in the company – which publishes its namesake newspaper as well as the Boston Globe – from 6.9 percent to 7.3 percent.
Already Saks’ largest shareholder, Slim raised his total shares to 26.24 million from 25.62 million in early 2010 with the new purchase of 620,000 additional shares – giving Slim a 16 percent stake in the luxury retail giant.
On Tuesday, August 23, shares of both New York Times and Saks rose about 4 percent.
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