Icelandic group Baugur has upped its stake in Big Food Group from 18% to 19.35%.

The move follows Friday’s announcement that Baugur had taken a 2.95% stake in Somerfield.

Baugur’s motivations for taking such a substantial stake in Big Food Group remain unclear, said one analyst. “Baugur’s sustained buying indicates they believe they or someone else, will mount a bid.”

However, no trade buyer leaps to mind, said Baird analyst Paul Smiddy: “While Iceland’s store portfolio may have some sites that are of interest to rivals, as a corporate entity, we would be much more sceptical.”