setback for Austrian Karstadt owner René Benko. After the complete takeover of Karstadt he wanted to reach for the other major German department store chain Kaufhof. His offer has Kaufhof owner Metro obviously not convinced.
The bidding race for the department store chain Kaufhof has been decided. The German retail giant sells Kaufhof for approximately EUR 2.8 billion to the Canadian Canadian trading group Hudson’s Bay (Toronto). This was announced by the Metro AG on Monday morning in Dusseldorf.
The agreement covers According to the release, the mostly under Galeria Kaufhof as well as in Belgium operating in Germany at Galeria Inno department store business and the related real estate. The transaction will be completed by the end September 2015.
Canadian sting from Signa
In order for the Canadian pierce the Karstadt-owners Signa, which had also bid for Kaufhof. The Austrian Karstadt owner René Benko said to have made an offer of a similar amount earlier media reports
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The sale to the Canadians had signed at the end of last week. The proceeds of almost three billion euros after violent in recent weeks has become bidding race no longer a surprise. As Metro CFO Mark Frese already the Börsen-Zeitung (Saturday) in view of the probable sale said to that billion proceeds for further debt relief and the expansion of investments in other business units are plugged.
Step to the European market
Hudson’s Bay, founded in 1670, claims to North America’s oldest company. The Group operates in the United States and Canada more than 300 department stores and specialty stores. For corporate empire includes the well-known US department store chain Saks Fifth Avenue. The acquisition of Kaufhof would be a first step on the European market.
In the bidding war of Kaufhof, Karstadt-owners Signa Retail had recently tried to score with a job and workplace agreement. In the case of the merger of the two department store chains under
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