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 CINCINNATI (AP) - With the deal one step closer to completion, Federated Department Stores Inc.'s top executive says he's eager to see rival May Department Stores Co. absorbed into his company, bringing together such names as Macy's and Bloomingdale's with Lord & Taylor and Famous-Barr.
"We believe that this play allows us to compete on a much bigger, broader, national scale," Terry J. Lundgren, Federated's chairman, president and chief executive, said Wednesday after shareholders of both companies overwhelmingly approved the $11 billion takeover in separate votes.
The purchase, announced in late February, will create a retail force with nearly 1,000 department stores and $30 billion in annual sales. Federated owns more than 450 stores under such names as Bloomingdale's and Macy's, while May has about 490 department stores operating under names including Famous-Barr, Filene's and Lord & Taylor. May also owns more than 700 bridal and formal wear stores.
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