http://www.reuters.com/article/mergersNews/idUSN0832812920081208
Mexico’s Gigante, Office Depot to enter Colombia
MONTERREY,
Mexico, Dec 08 – Mexican retailer Gigante on Monday said it had agreed
with its U.S. partner Office Depot Inc to expand their Latin American
joint venture into Colombia.Gigante said the expansion into the South
American country would be funded by the joint venture it has with its
U.S. partner.
Company officials were not available for further comment.
Gigante’s
$430 million bid to buy Office Depot’s 50 percent stake in the joint
venture in Mexico was rejected by the U.S. office supply giant in
October and both companies said they would look for alternatives to
expand in the region.Gigante also operates stores including consumer
electronics retailer RadioShack Corp in Mexico.