Carlos Slim increases his stake in NY Times

Just weeks after the New York Times repaid the emergency $250m loan that it took from the Mexican billionaire Carlos Slim Helu in 2009, it has been reported today that the billionaire has increased his stake in the New York Times Company. Mr Slim’s Inmobiliaria Carso SA also increased his stake in Saks, the luxury retailer, from 15.7 per cent to 16 per cent on the same day. “We are buying because we feel that the shares are at a very good price, and we are increasing our holdings in the two companies,” said Arturo Elias Ayub, Mr Slim’s son-in-law and head of strategic alliances at Telmex, Mr Slim’s fixed-line phone company. Through the purchase of 553,000 class A shares, Mr. Slim upped his stake from 6.9 per cent to 7.3 per cent, according to a regulatory filing. The new holdings, acquired on August 18 for between $6.83 and $7.09 per share, were purchased by Mr Slim’s Inmobiliaria Carso SA investment fund and came at the end of a volatile week on the stock market.