Federal Trade Commission moves to block merger between Staples and Office Depot

Home Top

Now Trump calls for a 'total and complete' shutdown of Muslim immigration into the U.S. after San Bernardino massacre - and is shunned by other Republicans
San Bernardino terrorists rigged conference center to blow up as first responders arrived after months of shooting practice - and they had both been radicalized for 'some time'
Could you imagine FDR saying, 'We were attacked yesterday on Pearl Harbor. I really don't want to talk about who did it': Republicans rip into Obama's terrorism speech
Homeland Security Secretary Jeh Johnson says US will begin using new terror alert system after current one was never used
Beheaded for practicing 'magic': ISIS releases its latest horrific video as it executes two 'sorcerers' in Libya in front of a baying crowd
California shooter Tashfeen Malik attended a religious school while living in Pakistan
Pentagon confirms US airstrikes killed head of ISIS in Libya and senior al-Shabaab leader in Somalia
From Muhammad Ali to Shaquille O'Neal: Who ARE America's Muslim sporting heroes?
Pranksters film people's shocked reactions at reading violent passages from the Bible - after being told they are from the Koran?
San Bernardino survivors recall moment gunman and his wife opened fire inside conference room as doctor says the 14 killed 'never had a chance'
Reporting for duty! Russia officially hands over Alsatian puppy to France after police sniffer dog Diesel was killed during siege of Paris
The moment America clutched a killer to its breast: Terrorist wife pictured as she presented herself at immigration in the country she hated - 16 months before she and husband gunned down 14
White House - we're definitely asking Silicon Valley to do something about terrorists using the internet (we're just not telling anyone what it is they should do yet)
ISIS Inc: Extraordinary documents show terror group's masterplan for world domination
US is 'certain' Russia was behind airstrike which killed three Syrian soldiers after Assad had blamed the States
Masked robbers with sledgehammers and axes spark panic as mall near the scene of the San Bernardino massacre is put on lockdown
Baby-faced assassins: Jihadists release chilling picture of young terrorists involved in deadly Radisson Blue Hotel attack in Mali
How Obama misspoke about San Bernardino suspect's visa: President incorrectly suggested Tashfeen Malik had entered the country without a visa
Air Force football players kneeling in prayer are branded a 'putrid' example of 'Christian supremacy' that could provoke ISIS
'They were robbed of their stage three weeks ago... we would like to offer them ours tonight': Eagles of Death Metal make emotional return to Paris as they join U2 at band's concert
'It was a team effort': American hero who tackled gunman in Paris train attack says he would be dead if not for his friends' help
Palestinian attacker is shot dead after stabbing an Israeli in the West Bank just hours after a knife-wielding 'terrorist' went on the rampage in Jerusalem
Merkel's legacy: Germany on course for more than ONE MILLION asylum seekers in 2015 as tide of migrants continues despite cold weather?
Kristin Cavallari's missing brother asked for directions hours before his abandoned car was discovered in Utah - and was arrested for making criminal threats four days prior

A deal between Staples and Office Depot would cut competition and lead to higher prices, the FTC said
The companies said they plan to fight to preserve the deal
Shares of the two office supply retailers fell sharply

Published: 15:35 EST, 7 December 2015 | Updated: 19:02 EST, 7 December 2015

View
comments

The Federal Trade Commission said Monday that it is seeking to block the proposed combination of Staples and Office Depot because the deal would reduce competition in the office supplies market.

The office supply companies said they plan to fight to preserve the deal, as shares of both retailers fell sharply.

The FTC said corporations rely on Staples and Office Depot to buy pens, paper clips and other supplies at low prices.

A deal between Staples and Office Depot would cut competition and lead to higher prices, the FTC claimed.

A deal between Staples and Office Depot would cut competition and lead to higher prices, the FTC said

The decision comes ten months after Staples offered to buy rival Office Depot for $6.3billion.

Staples and Office Depot said they plan to show that the FTC's decision is based on 'a flawed analysis and misunderstanding' of the competitive landscape the companies deal with.

The pair argue that competition has become even tougher since Office Depot and OfficeMax merged in 2013 and that the FTC is contradicting itself because it said that the office supply market was highly competitive two years ago.

Office Depot Chairman and CEO Roland Smith said Staples and Office Depot plan to pursue legal options in order to complete the deal.

Staples is based in Framingham, Massachusetts, while Office Depot is based in Boca Raton, Florida.

Shares of Staples Inc. fell $1.73, or 14 percent, to $10.63 in afternoon trading Monday. Shares of Office Depot Inc. were down $1.09, or 16.4 percent, to $5.55.