Photo: ReutersStaples-Office Depot merger collapses after block by judgeWashington: Staples Inc. and Office Depot Inc. abandoned their merger after a federal judge sided with US antitrust officials who challenged the combination of the two largest office suppliers, saying it would create an unrivalled giant. 1 office supply chain Staples and smaller rival Office Depot said they would terminate their planned merger after the deal was blocked over antitrust concerns. Staples fell as much as 16% to $8.69 in early trading in New York on Wednesday, while Office Depot tumbled as much as 38% to $3.75. Killed mergerSullivan’s ruling—an injunction putting the deal on ice while FTC challenges the tie-up in its administrative court—killed the planned merger. Office Depot chief executive officer (CEO) Roland Smith said in a statement after the decision that it would not appeal and that the companies would terminate the agreement effective 16 May.

Source: Mint May 11, 2016 08:11 UTC