German retailer Metro in talks with Kaufhof

Germany-based retailer Metro revealed plans of taking over department store chain Kaufhof. Besides, Metro is in advance talks with Kaufhof, adding it could do a deal if the price and strategy were right.

 

A Metro spokesman said on Wednesday the group had not reached any decisions yet and reiterated that conditions for a sale were appropriate price, a convincing concept for the future of the chain and solid financing.

 

Sources had told Reuters that the bidding for Kaufhof was heating up, with the owner of rival Karstadt making a new takeover offer and talks with Canadian retailer Hudson's Bay (HBC) continuing.