Originally created 08/14/04

Report: Target Corp. eyeing Canadian department store Hudson's Bay for acquisition

TORONTO -- 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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