Kaufhof receives bid from Signa

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The German retailer Kaufhof has attracted a non-binding, unsolicited €3bn bid from Austrian investor Signa.

The department store operation’s present owner, Hudson’s Bay, has confirmed receiving the offer. Signa owns German retailer Karstadt. Hudson’s Bay, a Canadian entity, is expected to respond by mid-November. Hudson’s Bay says that the offer is incomplete and does not show evidence for financing.

Signa’s offer letter is understood to say that the bid does not depend on financing from any third party, as European banks have approved €700m in financing and the bidder has available cash due to an €1bn equity raise last month.

Sources suggest to Reuters that Signa has promised to take on Kaufhof’s liabilities, which include a €1.34bn loan from the regional German bank LBBW.

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