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Investing.com-- Gildan Activewear Inc. (TSX:GIL) is in advanced talks to buy Hanesbrands Inc (NYSE:HBI) as the U.S. underwear maker grapples with weak sales and a falling share price, the Financial Times reported on Tuesday.
The takeover gives Hanesbrands an enterprise value of close to $5 billion, the FT report said, citing people familiar with the matter.
Reports of the takeover deal comes as Gildan clocked record sales and earnings in the second quarter, putting the Canadian apparel firm’s share price at record highs.
Hansebrands, on the other hand, has struggled with slowing sales and inventory issues at its retail partners, with U.S. President Donald Trump’s tariff policies also heralding higher input costs. Shares of the firm are down 40% so far in 2025.
The takeover talks are at an advanced stage and a deal could be agreed on by the end of the week, but the talks are not finalized, the FT report said.