OFFICE DEPOT OFFERED $430Million FOR MEXICAN DIVISION

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OFFICE DEPOT OFFERED $430Million FOR MEXICAN DIVISION

 user 2008-07-30 at 4:25:24 pm Views: 92
  • #19861

    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.