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Friday, February 15, 2013

Office Depot in talks to sell rest of Mexican unit -report, (NYSE: ODP)

Office Depot Inc., the second-largest U.S. office-supply chain, is in talks to sell the remaining 50 percent of its Mexican unit to retailer Grupo Gigante SAB, Bloomberg reported, citing people familiar with the situation. Mexican retailer Grupo Gigante, which already owns the other half of Office Depot de Mexico, is in discussions with local banks to get financing for the deal, according to the report.However, the parties are considering other options and the talks may still fall apart, one of the people was quoted as saying.Office Depot declined to comment.Grupo Gigante had tried before to purchase the stake for $430 million in 2008, but was turned down by the U.S. office supply giant.

Office Depot, Inc. (Office Depot) is a global supplier of office products and services. Shares of ODP traded higher by 2.0% or $0.09/share to $4.59. In the past year, the shares have traded as low as $1.51 and as high as $4.87. On average, 5126880 shares of ODP exchange hands on a given day and today's volume is recorded at 11640883.