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Shareholders of Los Angeles-based Cal Fed Bancorp Inc., the parent company of California Federal Bank, approved its $1.2-billion merger with First Nationwide Holdings Inc., the parent of First Nationwide Bank. . . . Los Angeles-based Equity Marketing Inc. said Michael J. Welch, former vice president of corporate development at Mattel Inc., has been named senior vice president and chief financial officer. . . . Drug company Schering-Plough Corp. said it will invest as much as $40 million in San Diego-based Corvas International Inc. to expand the companies’ research collaboration to develop compounds to prevent blood clots. . . . Los Angeles-based MacNeal-Schwendler Corp. announced that Richard H. MacNeal, chairman and a co-founder, will retire on Jan. 31.