Shareholders of May, Federated OK Pact
Shareholders of Federated Department Stores Inc. and May Department Stores Co. approved the $11-billion combination of the companies to create the second-largest U.S. department store operator.
The companies said they expected the transaction to close in the fiscal third quarter pending antitrust approval.
Federated said in April that it had received additional requests from the Federal Trade Commission about the merger, without providing details.
The FTC decision is pending and the company has said it may extend the closing to as late as Aug. 31, 2006, to comply with FTC requirements for approval.
From Bloomberg News
* Shareholders gave overwhelming support to Sprint Corp.’s $35-billion acquisition of Nextel Communications Inc., in another step toward creating the nation’s third-largest wireless company.
* Maytag Corp. said it had received Federal Trade Commission approval to be acquired by a group led by Ripplewood Holdings. Shareholders are scheduled to vote on the transaction Aug. 19.
