Mexican Billionaire Slim Buys More Saks Shares

July 11, 2008 7:51 a.m. EST

New York, NY (AHN) - Mexican Carlos Slim Helu, the richest man in Latin America, has bought shares in New York's high-end shopping chain Saks.

The Mexican billionaire, the second richest man in the world after Warren Buffett, purchased 998,500 shares amounting to $9.6 million at $9.64 a share.

Slim, who made the transaction through his Inmobiliaria Carso company, now has 15.4 million shares and holds 10.6 percent of Saks' outstanding shares, according to reports.

In 2001, Slim owned as much as 15.4 percent of Saks shares but slumped below 10 percent last year.

Saks shares dropped 53.8 percent in the past 12 months. For the past five years, its value declined by 1.8 percent.