Lord & Taylor parent HBC to buy Saks for $2.9 billion in cash

Mon Jul 29, 2013 7:05am EDT
 
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NEW YORK, July 29 (Reuters) - Hudson's Bay Co, operator of Lord & Taylor and Canada's The Bay department stores, said on Monday that it would buy luxury retailer Saks Inc for $16 per share, or $2.9 billion in cash.