Report: Office Depot in talks to sell off rest of Mexican unit
New York -- A Friday report by Bloomberg said that Office Depot is considering selling the remaining 50% of its Mexican unit to Grupo Gigante SAB, which currently owns the other half.
Citing unnamed sources, Bloomberg reported that Grupo Gigante is in talks with local banks to fund the acquisition of Office Depot de Mexico.
Office Depot has been pressured by its biggest shareholder Starboard Value to fully spin off the Mexican unit. Starboard has been pressuring the office supply retailer to shore up earnings by cutting expenses and square footage.