HBC close to sealing deal to buy Saks Hudson's Bay Co. is close to sealing a deal to buy Saks Inc., a move that would see the U.S. luxury department-store retailer being launched in Canada along with its Saks Off Fifth discount sister chain. Richard Baker, the U.S. real estate magnate who snapped up HBC in 2008, was in talks late Sunday to acquire Saks with the intention of keeping it running in its U.S. home base along with HBC's rival Lord & Taylor, which is mainly in the eastern part of the U.S., and rolling out Saks in Canada. An announcement about an agreement was expected as early as Monday. "They're still working out some last minute details," a source familiar with the negotiations said. They still will keep the distinct businesses. HBC is expected to pay about $15 to $16 a share for Saks, the source.