September 7, 2017 / 6:25 PM / in a year

Austria's Signa eyes bid for Hudson's Bay Co's Kaufhof: sources

NEW YORK (Reuters) - Austrian real estate company Signa Holding is considering a bid for Germany’s Galeria Kaufhof, a department store chain owned by Hudson’s Bay Co (HBC.TO), according to people familiar with the matter.

A zoomed image shows the entrance of the Galeria Kaufhof department store downtown Frankfurt, January 17, 2012. REUTERS/Kai Pfaffenbach

Signa, which owns Kaufhof’s German competitor Karstadt, is working with an investment bank to line up financing for a takeover offer, the sources said. They cautioned that Signa had not made a formal offer and might decide not to bid for Kaufhof.

The company previously tried to buy Kaufhof in 2015, when Hudson’s Bay outbid it by paying 2.42 billion euros for the German chain and its Belgian subsidiary.

Canada’s Hudson’s Bay, which owns Saks Fifth Avenue and Lord and Taylor department stores, did not immediately return a call seeking comment. Signa declined to comment.

Reporting by Michael Flaherty; Editing by Lisa Von Ahn

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