REAL ESTATE
Hudson’s Bay in takeover bid of US chain Macy’s
The Canadian company remains mum on a takeover of the struggling US retailer and its strong real estate portfolio
New York — Hudson’s Bay has made a takeover approach for struggling retailer Macy’s, people familiar with the matter said, trying to push further into the US market where it already owns the Lord & Taylor and Saks Fifth Avenue chains. While the Toronto-based company faces financing and operating challenges in completing a deal to buy Macy’s, it could use its existing foothold in the US to save on administrative costs and have more negotiating power with its vendors. Shares of Macy’s closed up 6.4% at $32.69 on Friday. Hudson’s Bay rose to C$10.39. Talks between the companies are at an early stage, one of the people said. The sources asked not to be identified because the negotiations are confidential. Hudson’s Bay said it does not comment on rumours or speculation, while Macy’s declined to comment. Macy’s is in the midst of a turnaround engineered by chairman and CEO Terry Lundgren, who assumed leadership of the company in 2004. Lundgren is set to step down in 2017 and could earn $8...
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