Canadians go shopping in Manhattan with Saks buy

Canadian department store Hudson’s Bay (HBC) said yesterday it would buy American peer Saks in a $2.4bn (£1.5bn) deal that would add prime real estate to its portfolio and bring the luxury chain to its home market of Canada. HBC, which operates Lord & Taylor in the United States and Hudson Bay in Canada, is offering $16 per share, a 30 per cent premium over levels in May right before reports emerged Saks had put itself up for sale. Saks, famous for its iconic Fifth Avenue flagship store in Manhattan, will operate separately within HBC and keep its New York headquarters.