Icelandic retailer Baugur's bid to take over Arcadia, owner of the Top Shop and Dorothy Perkins chains, is likely to depend on the results of this week's Christmas trading statement from the clothing company. Analysts believe that Baugur, which operates Top Shop franchises in its own country and is run by Jon Asgeir Johannesson, will tell its financial advisers to proceed with a bid if Arcadia unveils strong December trading figures as expected.