Icelandic group Baugur was today thought to be behind a bid for House of Fraser after the department store chain revealed it had received a “very preliminary” approach.

Icelandic group Baugur was today unmasked as the investor behind the dawn raid on House of Fraser which sent shares in the department store group soaring to an eight-year high.

Losses by major oil stocks weighed on investors in London today as the FTSE 100 Index fell back to the 5300 level.

Downbeat broker notes on two of London’s top companies left the FTSE 100 Index threatening to fall below the key 5300 mark today.

The Footsie index of 100 leading stocks has fallen by 12.1 points in subdued trading to stand at 5459.8 by lunchtime