Sak's Fifth Ave Owner to Buy Kaufhof

The owner of US stores chain Sak's Fifth Avenue, Hudson's Bay, is buying Germany's biggest department store chain, Kaufhof, for €2.8bn.
Kaufhof, currently owned by Metro, owns 120 stores across Germany.
Hudson's Bay, based in Toronto, bought high-end retailer Saks Fifth Avenue in 2013 for $2.14bn.
HBC's Richard Baker said it been hoping to expand in Europe for some time.