Web News Article #: 226-2015
12/07/2015 – The Federal Trade Commission (FTC) announced today that it would seek to stop the proposed merger of Staples and Office Depot, the nation’s largest and second-largest office-supply chains. The agency filed an “administrative complaint” charging that Staples’ proposed $6.3 billion takeover of Office Depot would violate the nation’s anti-trust laws by “significantly reducing competition nationwide.”
APWU President Mark Dimondstein praised the decision. “This is an important victory for consumers and businesses against Staples’ unbridled greed and its dangerous corporate agenda,” he said. “It is a big step toward stopping the merger.” The APWU has been an outspoken critic of the buyout.
“Our union conducted two studies showing the negative impact the proposed merger would have on consumers and businesses. It was clear that a merger of these two companies would have left just one national office-supply superstore chain. This would inevitably force customers to pay higher prices and leave them with fewer choices.”
The FTC voted 4-0 to issue the complaint and to authorize its staff to seek a temporary restraining order and a preliminary injunction in federal court to prevent the two companies from consummating the merger and to maintain the status quo pending a hearing on the matter. The administrative trial is scheduled to begin on May 10, 2016.
Source: FTC to Challenge Merger of Staples, Office Depot | APWU