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Article: Key UK Baugur shareholdings in administration
- Article from:
- AP Worldstream
- Article date:
- February 6, 2009
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An Icelandic bank has taken control of key British retail stakes held by the debt-strapped Baugur Group.
Landsbanki Islands HF said it won court approval to nominate PriceWaterhouseCoopers as administrator of shares held by Baugur's British subsidiary, BG Holdings.
As of Friday, the administrators control 13.7 percent of Iceland Foods Group Ltd., 34.9 percent of Highland Group Holdings Ltd. which owns House of Fraser stores, 37.75 percent of jewelry company Aurum Group, and 63.7 percent of Corporal Ltd., which owns toy retailer Hamleys.
Baugur reportedly owes 1 billion pounds ($1.45 billion) to Landsbanki, which was nationalized in October.
On Wednesday, Baugur ...