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Retailer Federated to Buy Rival May for $11 Billion

Federated Department Stores plans to acquire May Department Stores for more than $11 billion in cash and stock. Federated owns Macy's and Bloomingdale's among other retail chains. May operates Lord & Taylor, Marshall Field's and others. The combined company will have about 1,000 stores and nearly $30 billion in annual sales.

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