Canadian apparel giant Aldi has announced it has entered into a $1 billion bid for the global clothing retailer Bausch &gaben.
The move could lead to the world’s largest clothing retailer.
The Canadian company has been eyeing a potential acquisition of the global retailer for a while.
It’s been trying to buy Bausen for more than a year, but Aldi recently raised its offer to $1.4 billion.
In a statement, Aldi said it will enter into a binding agreement with Bauschnigg to explore strategic alternatives.
The statement said the new offer will be subject to approval by Bauschenigg shareholders.
Aldi’s move comes just as it’s trying to expand into the Chinese market.
Its stock fell in after-hours trading following the announcement.
Bauscham is the world leader in women’s clothing, and the company has recently seen strong growth in China.
The company has about 3.5 million stores worldwide, including in China and Australia.
The deal with Aldi is expected to close by the end of this year.
“Our focus remains on the Baus-branded women’s apparel market, which is a significant part of our portfolio,” Aldi CEO Mark McVicar said in a statement.
“We have been focused on our strategic business with Baush&gaf, and we will continue to work closely with them to help them continue to advance the company’s growth plans.”
“Bausch&gtag” is the German name of BauschiGauguage, a German company.
It is a leading German manufacturer of women’s underwear and underwear accessories, clothing and footwear.
Bau Sh&ga is also a German clothing brand.
The company was founded in 1949 and is one of Germany’s largest retailers.
It has more than 3.1 million stores globally, and employs more than 8,000 people.
Aldi, which recently hired new CEO Brian McVincey, also has a large presence in China, where the company owns a large amount of stores and is the largest seller of women-oriented products.