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Shares of US retail chain Macy’s spiked nearly 10 per cent following a report that it was approached about a potential takeover by Canadian retail operator Hudson’s Bay.

Dow Jones first reported the news on Friday, which comes amid speculation that Macy’s could be ripe for a takeover as it struggles to turn around falling sales. Its shares rose nearly 5 per cent after the report, before trading was halted for volatility.

After trading resumed, the company’s shares continued to climb and were 10 per cent higher by pixel time, giving it a market capitalisation of $10.35bn. Hudson’s Bay operates retail brands including Saks Fifth Avenue and Lord & Taylor in addition to its namesake stores.

Copyright The Financial Times Limited 2017. All rights reserved.

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