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Macy, Federated Approve Merger Deal: The boards of R.H. Macy & Co. and Federated Department Stores Inc. have approved the companies’ agreement to merge when Macy emerges from Bankruptcy Court protection, which is expected in December. The agreement was approved in separate meetings this week and is contingent on the approval of Macy creditors, the court and Federated shareholders. However, creditors have already given their support to the plan, under which Federated would repay $4.1 billion in Macy debt and Macy would become a Federated division. The companies have not yet revealed how they would resolve antitrust questions raised by federal and state officials over markets in the Northeast and South.