Office Depot Inc (NASDAQ:ODP) a leading international provider firm of office products, solutions and services reported new partnerships in Malta and Romania so as to expand its geographical market in Europe. The company selected Complete Supplies LTD as the new local associate for its businesses in Malta, and in Romania, Austral Trade S.R.L. will act as new local partner.
The management view
John Moore, Senior VP of contract sales Europe said that both Complete Supplies LTD and Austral Trade S.R.L. are recognized pioneer firms in their regions. Through these new associations, Office Depot has expanded its footprint in Europe, allowing the company to serve international clients more effectively.
On Tuesday, the stock price of Office Depot and Staples, Inc. (NASDAQ:SPLS) tanked sharply as the prospects of their planned deal looks hazy. The plunge is led by reports that the U.S. Federal Trade Commission is scrutinizing the proposed merger deal between the two retailers in the country.
As per the report, a top FTC regulator has placed a “Post It” on the merger file with a tag “No Deal”. The planned merger deal between Office Depot Inc (NASDAQ:ODP) and Staples has apparently hit an obstacle with Deborah Feinstein, who is the head of the Bureau of Competition. It was stated that Feinstein’s decision weighs a lot and is significantly important, so the probability is that the FTC may agree with her decision.
The FTC Bureau of Economics is not as interested to stop the merger, but probably the commission remains unconvinced to give an approval to the merger. In the coming week, Ms. Feinstein and her staff will reveal their decision to the FTC commissioners on the deal. Meanwhile, the FTC commission might issue the decision on the merger deal by October 12. So, until then it is a wait and watch game for market participants.