HBC says it turns down Signa's offer for Kaufhof chain: Reuters
Hudson’s Bay Co said this week it has rejected Austrian property and retail group Signa Holding GmbH’s 3 billion euro bid (US$3.7 billion) for Hudson’s Bay’s Kaufhof unit, Germany’s largest retail chain, Reuters reported. The potential deal would have combined Germany’s two largest department store operators: Kaufhof and Signa’s Karstadt. Hudson’s Bay said in November it would review Signa’s offer for Kaufhof, but also called it incomplete, non-binding and unsolicited, with no evidence of financing. The Canadian retailer bolstered its financial position to support Kaufhof, agreeing last year to sell its flagship Lord & Taylor building in New York for US$850 million and bring on a US$500 million investment from U.S. private equity firm Rhône Capital.
