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Hudson's Bay completes acquisition of Saks

NEW YORK (AP) -- Hudson's Bay Co. said Monday that it has completed its acquisition of luxury retailer Saks.

Saks shareholders overwhelmingly approved the sale of the New York company during a special meeting on Wednesday.

Saks Inc. said in July that it would be acquired by Hudson's, the Canadian parent of retailer Lord & Taylor, for about $2.24 billion. The companies put the value of the deal at approximately $2.9 billion, including debt.

Saks shareholders get $16 for each share they own.

Saks previously said that Chairman and CEO Stephen Sadove and President and Chief Merchant Ronald Frasch would leave the company once the transaction closed. Hudson's Bay said that Marigay McKee would take over as president.