A bid by two of Canada’s richest families, the Thomsons and the Westons, for

Hudson’s Bay Co

.‘s Royal Charter received no competing offers, thus paving the way for the historic document’s purchase, according to sources.

Last month, two Canadian companies teamed up to offer at least $18 million for the charter, a historical document that gave Hudson’s Bay Co. exclusive trading rights over a portion of Canada in 1670.

Wittington Investments Ltd., a private entity owned by the Weston family, and DKRT Family Corp., owned by David Thomson, Canada’s wealthiest person, are bidding for the charter together in the auction set to take place this month, according to court documents released Nov. 14.

The defunct retailer has been attempting to complete the sale of the charter since June, and an

Ontario court finally paved the way

for an auction to be held in the first week of December.

Previously, both Wittington and DKRT had put in separate bids for the charter. In June, HBC said it had reached a $12.5-million deal to sell the charter to Wittington. But in August the company said it had another offer of at least $15 million from DKRT.

The Canadian Press and The Globe and Mail reported Tuesday morning that sources said there were no competing bids against the joint offer.

The combined bid will allow HBC to get a better price for the charter, which could result in increased recoveries for its creditors.

The joint bidders would donate the charter to a consortium made up of four Canadian public institutions, including the Archives of Manitoba, Manitoba Museum, Canadian Museum of History and Royal Ontario Museum.

The sale of the charter is just one of the steps HBC has taken to pay back its creditors, from whom the company sought protection in court earlier this year. The company is also trying to sell other artifacts it owns and it has already sold its intellectual property rights and leases.

The process of selling the Royal Charter has garnered plenty of interest due to its historical importance.

  • HBC gets court approval to auction Royal Charter after ‘twists and turns’
  • Ontario court blocks Ruby Liu’s attempt to buy HBC leases

— With files from Naimul Karim

• Email: dpaglinawan@postmedia.com