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.
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