New Miracle on 34th Street?

Macy's gallops in as a white knight in the fight for Federated

For Federated Department Stores, surrender seemed an imminent and lamentable - fate. After a long, five-week siege, the largest U.S. department-store owner had all but given up hope of fending off a takeover raid from the north by Canadian Developer Robert Campeau, who had offered $6.1 billion, or $68 a share, for the Cincinnati-based retailer. But as happens routinely in romances and rarely in corporate struggles, the whitest knight conceivable appeared last week. The venerable R.H. Macy & Co., an all-American name that evokes images of Thanksgiving Day parades and the classic movie Miracle on 34th Street, made a comparable last-minute...

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