Hudson’s Bay making bid to take over retail giant Macy’s, report says

HBC reportedly making bid to take over Macy's

TORONTO — Hudson’s Bay Co. is declining comment after a report that the Canadian retailer is making a bid to take over Macy’s Inc.

“We do not comment on rumour or speculation,” Tiffany Bourre, an HBC spokeswoman, said in an email.

The Wall Street Journal, citing unnamed sources that it said were familiar with the matter, reported that the two retail giants are in preliminary talks.

Trading of Macy’s shares on the New York Stock Exchange was halted briefly to control market volatility. Trading stopped at 10:07 a.m. ET and resumed about seven minutes later.

Macy’s shares on the New York Stock Exchange soared on the news, rising more than seven per cent by late morning. Earlier in the day, it reached a peak price of US$34.37, an increase of nearly 12 per cent over the previous day’s close.

HBC has acquired a number of companies in recent years, including Saks Inc. and Gilt.

Macy’s did not immediately respond to requests for comment.

The Canadian Press

Just Posted

Award winning dinner series returns to Kelowna

Arman Dosanj is launching a new series of collaborative pop-up dinners

Rockets raise funds for Canucks Autism Network

Along with Craft Beer Market the Rockets Alumni Association will raise money for the network

Vandalism of fish incubators blow to well-known Lake Country family

Gary Kozub pioneered the kokanee incubator project and his family has been stewards of the salmon

Powder report: Rain in valley, snow on the ski hills

Get your ski gear ready as area mountains are ready for you to enjoy all the Interior winter has to offer this season.

Ryan Reynolds to narrate movie about B.C.’s Great Bear Rainforest

Vancouver-born actor known for Deadpool movies will voice film to be released Feb. 15, 2019

10-lane George Massey bridge too big, B.C. study says

Consultants say replacement tunnel cost similar to new bridge

Canada’s robust credit rating should calm unease about federal deficits: Trudeau

Trudeau says Canada’s long-running triple-A rating means experts have confidence in his government’s approach to the economy

CIBC shrinks event after Whistler mayor irks oil producers

After Whistler sent a letter to a Calgary-based oilsands giant, several energy firms said they would back out of the CIBC event.

Couple caught up in B.C. Legislature bomb plot to learn their fate

John Nuttall and Amanda Korody were arrested as part of an undercover RCMP sting on Canada Day 2013

Trial rights of accused spy for China at risk, lawyer tells Supreme Court

The lawyer for a man accused of trying to spy for China says federal foot-dragging over secrecy is endangering his client’s right to timely justice.

‘Recall fatigue’: Canadians may avoid certain foods over holidays

In the winter, Canada’s supply of fresh fruit and vegetables tends to come from very specific areas.

Shuswap business to provide fresh greens year round

Salmon Arm growers offer hydroponic test market to help develop signature salad mix

Interior Health offers new info tool for pregnant women

Moms-to-be with uncomplicated pregnancies can access tips by text or online

Most Read