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New York -- Grupo Gigante wants buy the 50% stake in the Mexican unit of Office Depot that it does not already own.
The Mexican retailer on Thursday said it has offered 8.78 billion pesos ($687.34 million) to buy the stake, Reuters reported.
In March, Gigante entered into a joint venture with Petco Animal Supplies to open at least 50 stores in Mexico and other Latin American countries over seven years.