In the US, Federated Department Stores have thrown a $11 billion lifeline merger to May Department Stores, which will result in the single largest department store in the US.

With over 1,000 outlets, and annual revenues of over $30 billion, the combined department store giant under the banner of Federated will see the companies joined to face off strong competition from Wal-Mart.

Both had been in stalled talks two years ago, but quickly resumed after May Department Stores chairman left the company in January.