Hudson's Bay Co has rejected Austrian property and retail group Signa Holding's 3 billion euro bid ($3.7 billion) for Hudson's Bay's Kaufhof unit, Germany's largest retail chain. Hudson's Bay also said Signa had withdrawn its offer for Kaufhof. The potential deal would have combined Germany's two largest department store operators: Kaufhof and Signa's Karstadt. The rejection comes as Hudson's Bay named veteran CVS Health Corp executive Helena Foulkes this week as its chief executive officer (see separate news). Hudson's Bay, which also owns the Saks Fifth Avenue luxury department store chain, said in November it would review Signa's offer for Kaufhof, but also called it incomplete, non-binding and unsolicited, with no evidence of financing.