Federated-May Talks Back On
The Wall Street Journal reports the on-again, off-again merger talks between Federated Department Stores (Cincinnati) and May Department Stores (St. Louis) have resumed.
The Journal -- which two days earlier ran a story saying negotiations between the two retailers had apparently ended -- is now reporting the talks are back on and "are reaching a more serious stage." The two sides have been negotiating via phone, the Journal reports, and were about $2 a share apart on a deal price.
A Federated-May marriage would create America's largest upscale department store chain, with about 1000 stores and revenues of more than $28 billion