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Saks Fifth Avenue store in New York. Hudson’s Bay Co. said on Monday that it would buy luxury retailer Saks Inc. for $16 (U.S.) per share, or $2.9-billion in cash, including debt.
Saks Fifth Avenue store in New York. Hudson’s Bay Co. said on Monday that it would buy luxury retailer Saks Inc. for $16 (U.S.) per share, or $2.9-billion in cash, including debt.
(SHANNON STAPLETON/REUTERS)

Saks deal makes Hudson’s Bay REIT spinoff a near-certainty

In the seven-and-a-half months since Hudson’s Bay Co. chief executive officer Richard Baker said his company would look at spinning off a real estate investment trust, Canadian REITs have gone from market darlings to dogs. But it’s a virtual certainty that he will now go ahead with a spinoff anyway.