HBC trading halted briefly on the TSX on Wednesday, when it received an unsolicited $3.5 billion offer for its German business.

HBC stated in a release that the offer was incomplete with no evidence of financing from SIGNA Holding GmbH, the German competitor who wants to acquire both the business and real estate assets.

"As we've previously stated, our European business is an important element of the Company's strategy. HBC remains focused on executing its strategy and plans for the upcoming holiday season," stated a spokesperson in the release on Wednesday.

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Signa Holding GmbH, or SIGNA, is known as Austria's largest privately owned real estate company and was founded in 1999.

In 2014, SIGNA took over Karstadt Warenhaus, a German department store chain.

The German department store was founded by, Rudolph Karstadt, in Wismar, Germany in 1881.

In HBC years, Karstadt is still the new kid on the block, as HBC was founded in 1670.

HBC stated it doesn't plan to comment further unless it becomes a legal requirement.