September 11, 2018 / 8:29 AM / a year ago

RPT-Hudson's Bay, Signa agree German department store merger

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BERLIN, Sept 11 (Reuters) - Germany’s two major department store chains Galeria Kaufhof and Karstadt will merge, owners Hudson’s Bay Company and Signa Holding said in a joint statement on Tuesday.

Canadian retail giant Hudson’s Bay, which acquired Galeria Kaufhof in 2015, will own 49.99 percent of a new holding company and Austrian Karstadt owner Signa will hold the remaining 50.01 percent, they said. (Reporting by Tassilo Hummel and Emma Thomasson Additional reporting by Matthias Inverardi Editing by Maria Sheahan)

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