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Office Equipment

Offices Depot and Max lucky to have each other

19 Feb 2013

Uniting the U.S. purveyors of pens and paper clips is about as obvious as it gets in M&A. The potential $3 bln of synergies could be worth more than the market value of the two companies combined. As the Internet ravishes retail, at least this corner can cling to life by merger.

Xerox has tough sell with $6.4bn ACS deal

28 Sep 2009

The US office equipment company is the latest to try and snap up a business services firm. It will have to convince its shareholders that this isn t a case of metoo corporate strategy. That may be difficult. The purchase price is high and the synergies are unconvincing.

Staples will remain acquisitive beyond Corporate Express

3 Jun 2008

The US stationer has the edge over Lyreco, a French office supplier, in the contest for Corporate Express, its Dutch rival. Staples is likely to make further acquisitions in a fragmented market ripe for consolidation, and Lyreco itself could become a takeover target.

Staples close to Corporate Express conquest

13 May 2008

A 10% higher bid from the US stationer has moved its Dutchlisted rival from hostility to wary interest. But Staples will need to offer a little more to win shareholders over. The value in a deal means it can afford to pay a higher price, even with a US recession looming.

Staples should have another crack at Corporate Express

20 Feb 2008

The US office supplies firm wants to expand its fastestgrowing sector by snapping up a Dutch rival. It s been rebuffed, but even a pricier offer could work out. There are big synergies in the US and Corporate Express is poorly placed to withstand much weakness in the US economy.

Staples shouldn’t suffer from US housing woes

16 Oct 2007

Investor worries over housing and consumer spending appear to have spread to purveyors of pens and paper. This looks a bit extreme. Office suppliers like Staples will suffer if the economy weakens, but not as much as some fear. And the bad news appears to be priced in already.

Optional disclosure

1 Aug 2002