Hudson's Bay makes indicative offer for Metro's Kaufhof: Sources

The Hudson's Bay Company coat of arms is seen on their 'The Bay' store in Toronto, Canada.
Norm Betts | Bloomberg | Getty Images

Canadian retailer Hudson's Bay has made an indicative offer for Metro's department store chain Kaufhof, two people familiar with the matter told Reuters.

The value of the non-binding offer is similar to a separate bid made by Austrian investor Rene Benko, they said, adding talks with Germany's Metro were ongoing.

Sources had told Reuters last month that Benko, who owns rival department store chain Karstadt, had offered 2.9 billion euros ($3.18 billion) for Kaufhof.

Metro declined to comment on the matter, while Hudson's Bay was not immediately available for comment.