Minneapolis, MN, August 16--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.
