Global Markets: Hudson’s Bay rejects C$2 billion offer

By MarketsFarm

WINNIPEG, Dec. 3 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Hudson’s Bay Co. has rejected an offer from Catalyst Capital Group Inc., a private-equity firm that valued the Canadian retailer at C$2 billion. A committee from Hudson’s Bay’s Board of Directors said the offer “is not reasonably capable of being consummated.” Catalyst holds a 17.5 per cent stake in Hudson’s Bay. The Catalyst offer requires at least three-quarters of votes, and so the negotiations reached a stalemate.

– The Philippines’ main airport in Manila re-opened on Tuesday, after being hit by Typhoon Kammuri. Over 500,000 people were displaced by the typhoon, and at least three are dead. Heavy rains are expected in the area until Wednesday. The storm is expected to head to the South China Sea by Thursday.

– The Brazilian economy beat growth expectations for the third quarter of 2019, mainly due to private investments and agriculture. Gross domestic product (GDP) rose by 0.6 per cent compared to the previous three-month period, which is 0.2 per cent higher than estimated. Compared to last year, GDP grew by 1.2 per cent. “Brazil’s economy is in a trajectory of recovery, and signs of that recovery should strengthen in the short term,” said Flavio Serrano, chief economist at Haitong, to Bloomberg. “The data doesn’t change the central bank’s strategy for next week. It does increase the chance that there will be no more rate cuts after that one.”

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