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Icahn to increase shares of Federated

Author: Cincinnati 9/30/2006 3:26:56 AM

Billionaire investor Carl Icahn wants to acquire $113.4 million to $500 million worth of additional shares in Federated Department Stores.

Federated announced on Thursday that it had received notice of Icahn's plans to file for clearance for the acquisition through with the Hart-Scott-Rodino Antitrust Improvements Act.

Filings with the Securities and Exchange Commission show Icahn Management currently holds about 2 million shares in Federated, worth about $74 million.

"We're glad Mr. Icahn sees value in our company and is increasing his investment," Federated Chairman Terry J. Lundgren said in a statement. "While our stock hit an all-time high four times in the past three weeks, we continue to see significant opportunity ahead as we maximize the Macy's and Bloomingdale's brands nationwide."

In 2005, before the conversion of all May Department Store Co. stores into Macy's, Macy's East and Macy's West were responsible for a combined $660 million in jewelry and watches sales.

Federated, with corporate offices in Cincinnati and New York, expects to see fiscal 2006 sales of more than $27 billion. The company operates more than 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico, under the names Macy's and Bloomingdale's. The company also operates Macys.com and Bloomingdale's by Mail.

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