Gigante Keeps 50% Office Depot Stake

Mexico’s Grupo Gigante says in a letter to the BMV that it has agreed to keep its stake in Office Depot Mexico unchanged at 50%. The retail conglomerate had been trying to purchase the 50% that Florida-based Office Depot owns. Gigante had offered to acquire the remainder of the company, but the $430m offer was rejected in October. Gigante also says Office Depot Mexico will expand to Colombia using its own resources and not those of the stakeholders.