Hudson's Bay Co has made a takeover approach to US department store chain Macy's Inc, the Wall Street Journal reported Friday, causing shares to rise.
The talks, first reported by The Wall Street Journal, come as Macy's struggles with growing demands for online shopping, announcing earlier this year it would close 68 locations and slash 10,000 jobs.
Hudson's Bay is the owner of Saks Fifth Avenue and Lord & Taylor.
"Macy's struggling turnaround and the continued pressure it faces from Amazon make a deal unlikely, Cowen said in the note, adding that Amazon itself could be a potential buyer of the company, given its expansion into physical stores".
These people said that the talks are at an early stage, and may not lead to a deal.
Both Hudson's Bay and Macy's said in statements that they do not comment on rumor or speculation.
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So it is no wonder that he wants to unlock more value from the company. Ahead of this latest rumor, Macy's market capitalization was almost $10 billion, while Hudson's Bay was about $1.7 billion.
The company's longtime Chairman and CEO Terry Lundgren is also about to depart the company, handing the reins to Macy's President Jeff Gennette.
Macy's does have one highly valuable asset - real estate worth about $20 billion. Saks Fifth Avenue is a luxury retailer.
Hudson's Bay Co.'s stock (TSX: HBC) jumped roughly half a point from where it opened Friday following the Journal news alert. The joint ventures, which would scout for worldwide opportunities, was another move by HBC to bring value to its lucrative real estate assets portfolio. Macy's shares shot up 9% on the news.
Since the story broke, Macy's stock has climbed 5.17%.