Carl Icahn to Increase Investment in Federated
Federated Department Stores Inc. said Sept. 25 it has been notified by investor Carl Icahn that he plans to acquire $113.4 million to $500 million of additional shares in Federated.
The corporation recently converted more than 400 stores to the Macy's name. The stores were acquired as part of last year's $11 billion purchase of May Department Stores Co.
Shares of Cincinnati-based Federated had increased 2.88 percent by 2:30 p.m. yesterday to $42.85.
Mr. Icahn notified Federated about his plans for clearance under the Hart-Scott-Rodino Antitrust Improvements Act, which requires anyone who purchases more than $58 million in a company must report it to antitrust enforcers so the government can determine if the transaction poses an antitrust problems.