Staples and Office Depot drop merger plan after court blocks it
Judge rules that two giants' tie-up would create just one dominant office supplies retailer and impair competition
New York
A FEDERAL judge on Tuesday blocked a US$6.3 billion proposed merger of Staples and Office Depot, dashing another huge US deal and handing the Obama administration one more antitrust victory.
The decision is a setback for the beleaguered retailers, which have each endured years of slumping sales and increased competition from Amazon and other rivals.
The Federal Trade Commission (FTC) had sued the two companies late last year, arguing that combining them would effectively create just one dominant retailer focused on pens, paper clips and Post-it notes.
In a three-page order, Judge Emmet Sullivan of the US District Court for the District of …
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
France's Casino supermarket chain to axe up to 3,200 jobs
Prada outshines rivals with 16% revenue lift boosted by Miu Miu
Toymaker Hasbro posts quarterly profit beat, slower sales decline
Hilton lifts 2024 profit forecast on international travel demand
China knockoff raid jolts a global throng of fake-fashion influencers
Roche cuts pipeline after research setbacks and sales drop