Canadian chain Hudson Bay in talks to acquire Macy's

Hudson's Bay Co reportedly initiated early talks for a Macy's Inc (NYSE: M) takeover Friday, but Dow Jones warned that discussions may not lead to a deal.

Macy's stock rose 5.2% on Thursday on that report.

Share of Macy's were up more than seven per cent, trading at $32.99 United States on the New York Stock Exchange.

Talks between the two companies are in preliminary stages, according to the publication, adding a deal to acquire Macy's real estate as one possibility.

Besides its eponymous department store in Canada, Hudson's Bay also owns and operates Saks Fifth Avenue and Lord & Taylor.

Macy's has faced declining sales while it struggles with the impact of online shopping on its stores.

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Both Hudson's Bay (HBC.TO) and Macy's told BNN it does not comment on rumors or speculation.

So it is no wonder that he wants to unlock more value from the company. In fact, in the same note, Chen listed Hudson's Bay as the most straightforward of acquirers, though it's debt "could make a full transaction prohibitive".

The report of a possible deal comes as Macy's prepares for a long-planned changing of the guard, in which chief executive Terry Lundgren will step down from that role and be replaced by Jeff Gennette.

Reuters reports that Macy's investors have pushed the company to sell its real estate, or at the very least, separate its retail business from its real estate. It was then when the Canadian retailer acquired Saks Fifth Avenue for $2.9 billion.

That same year, the company formed two real estate joint ventures, USA -based Simon Property Group Inc and Canada's RioCan Real Estate Investment Trust. It's real estate assets are worth about C$11 billion with an equity value of C$6.5 billion. Macy's shares shot up 9% on the news.

Several sources said that Smith is seeking board seats at Macy's.

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