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China approves Staples-Office Depot merger


Framingham, Mass. — Staples Inc. has received clearance from the Ministry of Commerce of the People’s Republic of China for its proposed $6.3 billion acquisition of Office Depot. Staples continues to seek clearance from regulatory agencies in the U.S., the European Union, Canada, and Australia.

The Commerce Commission of New Zealand gave its clearance for the transaction last week.

Office Depot is seeking a shareholder vote on the proposed $6.3 billion merger at its annual meeting on June 19. Some shareholders do not believe Office Depot executives negotiated the best deal, and are filing lawsuits against the company. As of March 2015, nine lawsuits claiming that Office Depot executives violated their fiduciary duties have been filed in Delaware; two lawsuits were filed in the Fifteenth Circuit Court of the State of Florida.

“We continue to make progress on this transaction, and we’re pleased with this decision by China’s Ministry of Commerce,” said Ron Sargent, chairman and CEO, Staples. “We continue to work closely with regulatory agencies around the world and expect the transaction to be completed by the end of the year.”

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