Tuesday, December 29, 2015

Stapler Still Stuck

See: Staples Merger Jammed

"FTC again rebuffs Staples on Office Depot merger bid; Another setback in Office Depot deal" by David McLaughlin Bloomberg News  December 22, 2015

Staples Inc. will have to do more to smooth government opposition to its proposed takeover of Office Depot Inc. after the Federal Trade Commission rejected its latest attempt to win antitrust approval.

Staples offered to transfer commercial contracts worth up to $1.25 billion, up from $500 million previously, but still failed to sway antitrust officials, the company said in a prepared statement Monday.

The FTC rejection raises the stakes for Staples and Office Depot, which have said a drawn-out administrative challenge will kill the deal. The FTC says that the tie-up of the No. 1 and No. 2 office-supply retailers will eliminate competition and raise prices for corporate customers that purchase under contract.


And here I thought this government was looking out for the consumer!

The two companies forged the merger, which was announced in February, under pressure from activist investor Starboard Value. Antitrust opposition to the $6.3 billion deal comes amid a merger wave sweeping across industries from beer to drug stores to pharmaceuticals that is under scrutiny from officials at the FTC and the Justice Department.

Lenin called it the death throes of capitalism.

Jennifer Rie, an antitrust analyst at Bloomberg Intelligence in New York, said, “A settlement is likely doable.”

Gue$$ who is getting $crewed?



"Halliburton Co. and Baker Hughes Inc. will extend the time period to April 30 for closing their pending $26 billion merger as they work to satisfy Justice Department concerns. The Justice Department told the world’s No. 2 and No. 3 oil service companies that officials aren’t satisfied with Halliburton’s proposals for clearing its purchase of Baker Hughes, but acknowledged that regulators would assess further proposals and look forward to continued cooperation from the parties in their continuing investigation, the companies said in a statement Tuesday. Halliburton announced an agreement to buy Baker Hughes in November 2014 to better compete against industry leader Schlumberger Ltd. "