West Coast Connection Forum
Lifestyle => Train of Thought => Topic started by: Suga Foot on August 23, 2004, 04:12:20 PM
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Forbes.com
U.S.-based Target Corp. may be nearing a deal to buy part or all of Canadian retailing giant Hudson's Bay in a deal that could be worth nearly $860 million, according to a published report.
The Globe and Mail newspaper reported Friday that the two companies are in advanced discussions, citing unidentified sources who said a deal could be announced within the next two weeks - although talks could also still break off.
The newspaper also said that Target, which is based in Minneapolis, was expected to offer as much a $857 million if it bids for the entire firm.
HBC spokeswoman Hillary Stauth declined to comment, saying, "We aren't prepared to comment on rumors."
A message left with Target seeking comment on the report was not immediately returned Friday.
HBC owns The Bay department stores and Zellers, a discount department chain that competes with Wal-Mart in Canada. Minneapolis-based Target operates more than 1,200 Target and SuperTarget discount department stores.
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It makes sense to me that Target would buy Zellers, because it's basically the same store. But HBC is the oldest company in the world. It's been around for over 300 years! It would be wierd to see it gone.
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I'm pretty sure there's Target's in Australia.
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I didn't even know Hudson Bay was worth a shit.
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A bit hurtful to Canadian culture to be honest.