By  on July 29, 2013

Saks Fifth Avenue could open up to seven full line stores and 25Off-5th outlets in Canada, according to Richard Baker, chief executiveofficer of Hudson’s Bay Company, which today revealed a definitiveagreement to buy Saks for $16 a share, or $2.9 billion, including debt.

Share of Saks jumped 3.7 percent to $15.87 by 11:00 a.m. on Wall Street. Almost 40 million shares traded hands in about an hour and a half, well ahead of the 2.7 million daily average for the last three months. On the Toronto Stock Exchange, shares of Hudson's Bay increased 7.4 percent to $17.71 Canadian, or $17.22.

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