Baugur cools Debenhams speculation

Icelandic investment group Baugur today moved to dampen speculation that it is mulling a bid for department store chain Debenhams.

Baugur, which has built up a near-8% stake in Debenhams, has been linked with a potential bid since its millionaire founder Jon Asgeir Johannesson praised the business and boasted of a £600 million acquisition warchest in a recent interview.