Canadian department-store operator Hudson’s Bay Co (TSE:HBC), owner of US retailer Lord & Taylor LLC and Canadian chain The Bay, has agreed to acquire US peer Saks Inc (NYSE:SKS), the New York Post reported, citing insiders.
According to the paper, a deal could be announced as early as Monday. The Post also mentioned that Mexican billionaire Carlos Slim and Italian luxury magnate Diego Della Valle, together controlling 30% of the firm, have already approved the transaction.
The insiders believe that Saks had fetched between USD17.00 (EUR12.79) and USD18.00 per share.
Sources also told the paper that Hudson’s Bay chairman Richard Baker wished to launch the Saks Fifth Avenue chain into Canada as it is worried about Nordstrom Inc’s (NYSE:JWN) intention to set foot on the local market.
Goldman Sachs Group Inc (NYSE:GS) is advising on the transaction, the Post added.