News Excellent news for Canadian free-traders

after ~140 years of waiting, Americans will finally get to own the HBC! At last HBC agrees to get acquired!

Hudson's Bay Co., the oldest company in Canada, has agreed to be acquired by South Carolina billionaire businessman Jerry Zucker in a deal worth more than $1 billion.....

Hudson's Bay, founded in 1670, is Canada's largest department store chain with 550 stores, including the Bay, Zellers, and Home Outfitters. It has 70,000 employees.
:biggrin:
http://www.cbc.ca/story/business/national/2006/01/26/bay-060126.html [Broken]

I highly doubt that our new conservative government led by the "free-trading" economist will try to stop it like when CNOOC tried to take over UNOCAL:
CNOOC, the Chinese state-backed oil group, today angrily tore up its $18.5 billion bid for Unocal, the American company, in the process lashing out at American protectionism for ruining its chances of securing a deal.

As it cited "unprecedented political opposition" as the main reason for withdrawing its offer, CNOOC argued that its own bid was delivered on purely commercial grounds and was worth $1 billion more than a rival offer from Chevron.

....

In a statement detailing its withdrawal from the bid process, CNOOC said: "The unprecedented political opposition that followed the announcement of our proposed transaction, attempting to replace or amend the CFIUS [Committee on Foreign Investments in the US] process that has been successfully in operation for decades, was regrettable and unjustified.
http://business.timesonline.co.uk/article/0,,13129-1718342,00.html
 
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ShawnD

Science Advisor
638
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When buying a knife listed on The Bay's wedding registry for one of my relatives, I checked the price at The Bay then at Walmart. The Bay wanted $150, Walmart wanted $30, for the exact same knife.

It seems foolish to buy a store that solely relies on fools willing to pay 5x as much as they need to. Is there some magical element of The Bay that I'm just not aware of?
 
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224
2
Yay! Our country is being sold!
 

Gokul43201

Staff Emeritus
Science Advisor
Gold Member
6,907
13
Smurf said:
Yay! Our country is being sold!
What's the problem ? You think the price is unfair ? :rolleyes:
 

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