Federated Department Stores Inc. on Monday said it would buy rival May Department Stores Co. for $17 billion in a deal that would combine Bloomingdale’s, Macy’s and Marshall Field’s to create the largest U.S. department store chain. The deal is part of a flurry of merger activity in the retail space, where companies have been combining to fight off competition from larger rivals such as Wal-Mart Stores Inc.
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