June 15, 2015 / 2:10 AM / 4 years ago

Hudson's Bay to announce deal for Kaufhof on Monday: source

People walk into the Hudson's Bay Company (HBC) flagship department store in Toronto January 27, 2014. REUTERS/Mark Blinch

TORONTO (Reuters) - Canadian department store operator Hudson’s Bay Co (HBC.TO) will announce a 2.825 billion euro ($3.17 billion) deal for Metro AG’s MEOG.DE department store chain Kaufhof on Monday, according to a source familiar with the matter.

Sources had previously told Reuters that Hudson’s Bay was in the lead to buy the German chain, and had made a non-binding offer for Kaufhof with a value similar to a separate bid by Austrian investor Rene Benko, who offered 2.9 billion euros.

Sources had also previously said that Hudson’s Bay had no plans to close any of Kaufhof’s 120 stores in Germany and 16 in Belgium, cut jobs or change management.

Reporting by Solarina Ho

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