Baldvinsson, a former owner and managing director at Pickenpack Hussmann & Hahn, received the 81 percent stake in exchange for 21 percent of his total oustanding shares in Icelandic Group.
Icelandic said it would resell the treasury shares it receives to investors. The company could offer no details on the acquisition's impact on the operation of the company.
The Pickenpack divisions have struggled for the past several quarter since they were put under Baldvinsson's management after he took over as Europe CEO in December 2005.
Baldvinsson,
