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Office superstores make it official
Office Depot and OfficeMax announced the completion of their merger late Tuesday and from the looks of third quarter results released the same day the deal should prove beneficial to both companies.
Office Depot said its third quarter same store sales declined 2%, while OfficeMax said its comps dropped 2.8% in the U.S. and 2.2% in Mexico.
The combined company will use the name Office Depot, Inc. and will trade on the New York Stock Exchange under the symbol ODP.
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FTC greenlights OfficeMax & Office Depot proposed merger
The U.S. Federal Trade Commission has given Office Max and Office Depot clearance to proceed with their proposed merger. The companies anticipate completing the transaction after market close on Nov. 5, subject to the satisfaction of remaining closing conditions.