May Department Stores will buy up to...

May Department Stores will buy up to 15 million shares of its common stock through the open market or privately negotiated transactions, subject to market conditions. The program was authorized in last week’s agreement between May’s shopping-center subsidiary and PruSimon, a joint venture of Melvin Simon & Associates and Prudential Insurance for future management and possible expansion of the present 28 May Centers. That deal gave May the right to require the newly formed entity, May Centers Associates, to buy May shares up to the $550 million that PruSimon contributed to the partnership.