German media: "Canadians interested in Kaufhof"

German media: "Canadians interested in Kaufhof"

Metro Group has received a bid for its department store subsidiary Kaufhof, according to German media. Canadian Hudson's Bay is reportedly willing to pay 3 billion euro, slightly more than what René Benko's Austrian Signa Holding has offered.

First step in European market?

Metro's department store subsidiary Kaufhof, which includes the Belgian Galeria Inno chain, has attracted a new possible buyer. According to the German media, Canadian Hudson's Bay is willing to pay 3 billion euro for Kaufhof, fractionally more than the 2.9 billion euro Austrian investment firm René Benko has tabled as a bid. René Benko already owns Karstadt, another German chain of department stores. Metro has refused to comment on the news.

 

Toronto-based Hudson's Bay is not yet active in Europe, but runs more than 300 stores in Canada and the United States. Those include fashion chains Lord & Taylor and Saks Fifth Avenue and kitchen specialist Home Outfitters.

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