Hudson’s Bay enters the race for Kaufhof

According to an unconfirmed Reuters report, Hudson’s Bay, the Canadian chain of 90 department stores and owner of U.S. retailer Fifth Avenue, has entered the bidding for Kaufhof, the large German department store and sporting goods chain. Rumors that Hudson’s Bay may be interested in the retailer, which Metro has put on the block, have been circulating for a while. Apparently, Hudson’s Bay has made now a first non-binding formal offer.

According to unconfirmed reports, the Canadian offer is about the same size as the one from Austria’s Signa Holding at €2.9 billion. Signa, which is controlled by Austrian entrepreneur René Benko, already owns Karstadt – Kaufhof’s main competitor. Benko has tried several times to convince Metro to sell him Kaufhof.

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