Corporate Express Denies Buyout Talks With Staples

Amsterdam, The Netherlands The Dutch company Corporate Express said Tuesday it was not in talks to be bought by U.S. rival Staples, denying a newspaper report and halving a sharp rise in its shares.

"Such discussions are not taking place," it said in a statement after noting "rumors in a Dutch morning paper regarding ongoing discussions between Corporate Express and Staples."

Dutch newspaper De Telegraaf quoted an unnamed Staples source saying that talks were at an early stage. Representatives for Staples in Europe were not available for comment.

Corporate Express, the large office products wholesalers and formerly known as Buhrmann NV, has come under pressure from hedge funds to sell itself, but after a strategic review last year decided to remain a stand-alone company.