US: FTC seeks remedy for Staples-Office Depot deal

The odds of Staples gaining regulatory clearance for its $6.3 billion purchase of rival Office Depot have improved greatly, according to a confidential report on Monday.

The Federal Trade Commission met last Friday with a large corporate customer of Staples to discuss an antitrust remedy to get the deal done, according to the report issued by Bank of America, a copy of which was obtained by The Post.

The meeting indicates the FTC is interested in coming up with a solution instead of simply suing to stop the two biggest office supply retailers from merging, BofA wrote in the report, which was sent to its clients.

“Our conversation was with an industry consultant who is following the merger,” BoA said in the report.

On Oct. 14, The Post reported that Staples had met with regulators to discuss possible remedies to salvage its controversial merger with rival Office Depot.

Up until the meeting, Staples had not been willing to sell assets to gain regulatory clearance.

Critics have railed against the merger, announced in February, claiming it would result in higher office supply prices, especially for national corporate customers who need coast-to-coast coverage and can’t turn to regional chains for lower prices.

Full content: New York Post

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