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Staples/Office Depot Merger No More

Staples/Office Depot Merger No More

A federal judge on Tuesday blocked Staples’ $6.3 billion acquisition of Office Depot, siding with regulators who argued the merger of office-supply titans would reduce competition and raise prices.

The companies said they would not appeal the decision and would instead abandon the deal.

The collapse of the multi-billion deal is just the latest win for the Obama administration, which has become increasingly aggressive at enforcing antitrust rules after a relatively slow start. Last week, oil services giants Halliburton and Baker Hughes abandoned a $34 billion merger bowing to Justice Department complaints that the deal would lead to decreased competition and higher prices. In December, General Electric called off the $3.3 billion sale of its appliance division to Electrolux of Sweden after facing resistance from the Justice Department.

by Renae Merle

Read The Full Article » The Staples/Office Depot Deal is No More

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