Federated Department Stores, Inc.'s shareholders approved the company's proposed merger with The May Department Stores Company. About 81% of shares outstanding, comprising more than 99% of votes cast at Federated's Annual Meeting of Shareholders, were in favor of a resolution to authorize the issuance of Federated common stock pursuant to an agreement and plan of merger between the two companies.
“As we have stated before, the combined company will be an exciting organization – a fashion retailer with about $30 billion in sales and truly national scope and presence,” Terry J. Lundgren, Federated's chairman, president and chief executive officer, told the annual meeting. “The road ahead for Federated is very exciting and presents us with an opportunity to transform our industry in a way that will benefit customers from coast to coast.”
Contingent on completion of the antitrust review of the transaction by regulators, the company continues to believe the merger with May will close in the fiscal third quarter of 2005.
