September 8, 2017 / 4:11 PM / a month ago

Hudson's Bay stock falls after saying no interest in Kaufhof sale

TORONTO (Reuters) - Canadian retailer Hudson’s Bay shares fell as much as 4.5 percent after the company said on Friday that it had no intention of selling European department store chain Galeria Kaufhof.

The interior of the new Hudson's Bay retail store in Amsterdam, Netherlands is shown in this undated handout photo provided September 4, 2017. Courtesy of Hudson's Bay/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY NO RESALES. NO ARCHIVE - RC121CA239B0

Hudson’s Bay commented after Reuters reported that people familiar with the matter said Austrian real estate company Signa Holding was considering a bid.

A German HBC spokesman told Reuters the company was 100 percent behind Kaufhof and that it had no interest in doing business with Signa.

The stock, which had surged as much as 16 percent over the previous two sessions, fell as much as 4.5 percent to C$12.43 in Toronto.

Activist hedge fund Land and Buildings, which has been pressuring the company consider more drastic measures including a sale of Kaufhof, hinted at a potential buyer in a statement on Wednesday after the company reported disappointing quarterly results.

Reporting by Solarina Ho; editing by Grant McCool

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below