Metro sells its Galeria Kaufhof chain

Canada's oldest company, Hudson's Bay, has won the bidding war for German department store chain Galeria Kaufhof, parent company Metro AG said Monday.

The announcement came just hours after a late-Sunday meeting of Metro's supervisory board, which unanimously approved the sale. The deal will set back the Toronto-based buyer 2.8 billion euros.

The takeover marks the end of an era for the iconic Kaufhof, which was founded in 1879. When Hudson's Bay is handed the keys in September, it will be the first time in history that the future fate of the German company will be decided by foreign owners. (MTI)