September 11, 2018 / 7:36 AM / 10 months ago

Merger of Germany's Kaufhof and Karstadt agreed - sources

DUESSELDORF, Germany, Sept 11 (Reuters) - Germany’s two major department store chains Kaufhof and Karstadt will merge, several people familiar with the matter told Reuters on Tuesday, as the companies seek to respond to fierce competition from ecommerce players.

Canada’s Hudson’s Bay, which bought Kaufhof in 2015, has agreed to a joint venture with Austria’s Signa Holding, which owns Karstadt, the sources said.

A statement is to be issued by the companies later on Tuesday, they added. (Reporting by Matthias Inverardi, Writing by Emma Thomasson and Tassilo Hummel, Editing by Maria Sheahan)

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