Hudson's Bay making bid to take over retail giant Macy's

Hudson's Bay Co. is declining comment after a report that the Canadian retailer is making a bid to take over Macy's Inc.

HBC spokeswoman Tiffany Bourre said in an email that the company does not comment on rumour or speculation.

The Wall Street Journal reported that the two retail giants are in preliminary talks, citing unnamed sources that were familiar with the matter.

Macy's shares on the New York Stock Exchange soared on the news, rising more than seven per cent by late morning.

HBC has acquired a number of companies in recent years, including Saks Inc. and Gilt.

Macy's did not immediately respond to requests for comment.