Saks Owner Plots Europe Push After $3.2 Billion Kaufhof Deal

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Canada’s oldest company beat off competition for the 136-year-old chain and, according to Chairman Richard Baker, has even bigger ambitions in Europe that will involve opening Saks outlets in the same building as some Kaufhof locations.

Hudson’s Bay Co. agreed to buy Metro AG’s Galeria Kaufhof stores for 2.83 billion euros ($3.2 billion) including net debt and other liabilities, putting the famed German retailer under the same ownership as Saks Fifth Avenue.

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