Hudson's Bay Co. HBAYF

RE:RE:NEWS: Hudson’s Bay Agrees to Sell Half of European Business

[bluejay100]

Have to say, though, that this sounds a bit more credible - looks like the original source is coming out of Germany.  Based on the scant detail provided, looks like the buyer has sweetened the deal, plus HBC has the benefit of still having a sizeable stake in the European market.  If the rumour is true, it looks like management, even now, couldn't bear to part with the entire asset.  Will this be a wise move?  I guess only time will tell.  At least this way, they are hedging their bets, getting rid of a chunk of debt and still open to some of the upside.  Also important is that HBC will be the silent partner, which would allow them to focus on other parts of their business - which certainly seems the right thing to do to me.  Baker certainly seems to love his JV's, but it makes it complicated to see the underlying value with such a complex holding structure.

Interesting to see what the markets do tomorrow - C$10-12 a share value on the face of it, if my math is anywhere near correct.