The Federal Reserve Board approved Bank of...

The Federal Reserve Board approved Bank of New York Co.’s $1.48-billion merger with Irving Bank Corp., removing the last formal obstacle to ending one of the nation’s lengthiest and most bitter takeover battles . . . Grand Metropolitan PLC extended for the fifth time its $60-a-share cash tender offer for Pillsbury Co. The tender offer will now expire at midnight EST Friday . . . Campeau Corp. announced that the sale of MainStreet Retail Stores Inc., a subsidiary of Federated Holdings Inc., to Kohl’s Department Stores Inc. for about $90 million closed Nov. 23 . . . Zero Corp. said it received 2.20 million shares or 86.6% of the total outstanding, under its $8.50-a-share offer to acquire Air Cargo Equipment Corp. . . . Albertson’s Inc. announced that its board has amended its stockholder rights plan agreement. . . . The Federal Reserve said the average yield for one-year T-bills, the most popular index for making changes in adjustable-rate home mortgages, rose to 8.71% last week after averaging 8.55% the week before.