OFFICE DEPOT OFFERED $430Million FOR MEXICAN DIVISION

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OFFICE DEPOT OFFERED $430Million FOR MEXICAN DIVISION

 user 2008-07-30 at 4:24:54 pm Views: 90
  • #20070

    http://www.bloomberg.com/apps/news?pid=20601086&sid=aMAqXGHrCXeY&refer=news
    Gigante Offers $430 Million for Office Depot’s Stake in Venture
    July 08- Grupo Gigante SAB, the Mexico City retailer that sold its grocery chain in December, said it offered to pay $430 million for Office Depot Inc.’s 50 percent stake in their joint Mexican office-supply venture.The purchase would give Gigante complete control of Office Depot de Mexico SA and would be conditioned on Gigante gaining rights to expand the chain into Latin America, Gigante said today in a statement to the Mexican stock exchange.Gigante and Office Depot will begin formal talks on the offer shortly, the Mexican company said. The offer was unsolicited and non-binding, and there’s no assurance a transaction will be made, Office Depot said in a separate statement.Gigante sold 206 supermarkets, including seven in the U.S., to Organizacion Soriana SAB, Mexico’s second-largest retailer, for $1.35 billion at the end of last year. Wal-Mart de Mexico is the country’s largest retailer.