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Thursday, February 21, 2013

Gigante offers almost $700 million for rest of Office Depot Mexico, (NYSE: ODP)

Mexican retailer Grupo Gigante said on Thursday it has offered 8.78 billion pesos ($687.34 million) to purchase the 50 percent stake in the Mexican unit of U.S. office-supply store chain Office Depot Inc that it does not already own. Grupo Gigante, which also operates supermarkets and restaurants, said its offer will expire soon, without going into further detail in a statement filed with Mexico's stock exchange.The company said earlier this week it has been considering options related to its 50 percent stake in Office Depot's local unit, which it has held since 2008.Last month, Gigante said it entered a joint venture with U.S. pet product supplier Petco Animal Supplies to open at least 50 stores in Mexico and other Latin American countries over seven years.

Office Depot, Inc. (Office Depot) is a global supplier of office products and services. Shares of ODP fell by 4.78% or $-0.2/share to $3.98. In the past year, the shares have traded as low as $1.51 and as high as $6.10. On average, 8381470 shares of ODP exchange hands on a given day and today's volume is recorded at 36064084.