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Mexico's Gigante does not rule out Office Depot purchase

An Office Depot store front is shown in Encinitas, California February 28, 2012. Office Depot will report earnings this week. REUTERS/ Mike
An Office Depot store front is shown in Encinitas, California February 28, 2012. Office Depot will report earnings this week. REUTERS/ Mike

MEXICO CITY (Reuters) - Mexican retailer Grupo Gigante on Monday did not rule out a possible acquisition of the 50 percent stake in the Mexican unit of U.S. office-supply store chain Office Depot that it does not already own, following a report it was in talks to do so.

The company has been considering options related to its 50 percent holding in Office Depot's local unit since 2008, Grupo Gigante said. Last week U.S. news agency Bloomberg said it was in talks to buy the other half.

Gigante has held talks with various financial institutions "with a view to using credit lines for financial purposes to execute its business plan and that of its subsidiaries," the company said in a statement to Mexico's stock exchange.

The business plan does not exclude acquisitions, but it does also include organic growth, the statement said.

(This story has been corrected to show Gigante holds 50 percent stake in Mexican unit of Office Depot)

(Reporting by Elinor Comlay; Editing by Bernard Orr and Marguerita Choy)

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