BUSINESS

Shareholders of luxury retailer Saks approve takeover, Hudson's Bay Co. says

10/30/2013 06:19 EDT | Updated 01/23/2014 06:58 EST
TORONTO - Shareholders of Saks Inc. have approved a takeover of the U.S. luxury retailer by Hudson's Bay Co. (TSX:HBC), the Canadian company said Wednesday.

HBC said it expects to complete the deal on Nov. 4.

In July, HBC announced plans to buy the Saks chain, which includes more than 100 stores and outlets, in a friendly deal worth US$2.9 billion, including assumed debt.

The combined company will have 320 stores, including 179 full-line department stores, 72 outlet stores and 69 home stores in the U.S. and Canada

Last week, Saks agreed in principle to settle suits filed by some of its shareholders, who objected to the deal and agreed to make additional disclosures before the vote.

HBC has said it plans to expand the Saks' banner to Canada with as many as seven Saks Fifth Avenue stores and up to 25 outlet locations over the next several years.