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The price of oil rose toward $97 per barrel Tuesday, but gains were checked as investors waited for the Federal Reserve's latest views on the U.S. economy.More >> The price of oil rose toward $97 per barrel Tuesday, but gains were checked as investors waited for the Federal Reserve's latest views on the U.S. economy.More >> Asian stock markets fell Tuesday as investors waited for the U.S. Federal Reserve to telegraph what it plans to do next with its economic stimulus program.More >> Asian stock markets fell Tuesday as investors waited for the U.S. Federal Reserve to telegraph what it plans to do next with its economic stimulus program.More >> China is urging North Korea to release a Chinese fishing boat whose owner says it was seized by gun-toting North Koreans earlier this month and held for ransom, in the latest irritant in relations between the...More >> A Chinese boat and 16 fishermen seized for ransom by armed North Koreans two weeks ago were released Tuesday, easing the latest irritant in relations between the neighboring allies.More >> Americans got better about paying their credit card debt on time in the first three months of the year, a period when many borrowers use income tax returns to tackle their holiday season debt.More >> Americans got better about paying their credit card debt on time in the first three months of the year, a period when many borrowers use income tax returns to tackle their holiday season debt.More >> Evidence of a steady economic recovery in the U.S. helped push Asian stock markets higher Monday.More >> Asian stock markets struggled to post gains Tuesday as investors waited for the U.S. Federal Reserve to telegraph what it plans to do next with its economic stimulus program.More >> Treasury Secretary Jacob Lew said late Monday he will begin tapping into two government employee retirement funds to buy more time before the U.S. Treasury is faced with the prospect of defaulting on the national...More >> Treasury Secretary Jacob Lew said late Monday he will begin tapping into two government employee retirement funds to buy more time before the U.S. Treasury is faced with the prospect of defaulting on the national debt.More >> A federal judge on Monday dismissed one of the two counts in the indictment of a former BP executive who was charged with concealing information from Congress about the amount of oil that was leaking from the...More >> A federal judge has dismissed a charge that is the backbone of the case against a former BP executive accused of concealing information from Congress about the amount of oil spewing in 2010 from the company's blown-out...More >> Yahoo is buying online blogging forum Tumblr for $1.1 billion as CEO Marissa Mayer tries to rejuvenate an Internet icon that had fallen behind the times.More >> After falling woefully out of fashion, Yahoo wants to be cool again while catering to the capitalistic demands of its shareholders. That goal led CEO Marissa Mayer to make a $1.1 billion bet on online blogging forum Tumblr...More >> Former general Thein Sein on Monday becomes the first Myanmar president to be welcomed to the White House in almost 47 years, crowning a dramatic diplomatic rehabilitation for his nation after years of...More >> President Barack Obama on Monday told Myanmar's president during a long-awaited White House meeting that he appreciates the Asian leader's efforts to lead the country on its sometimes difficult path to democracy and...More >> Apple Inc. employs a group of affiliate companies located outside the United States to avoid paying billions of dollars in U.S. income taxes, a Senate investigation has found.More >> Apple Inc. employs a group of affiliate companies located outside the United States to avoid paying billions of dollars in U.S. income taxes, a Senate investigation has found.More >>
NEW YORK (AP) -
Office Depot Inc. and OfficeMax have agreed to merge in an all-stock deal that would transform the $21.2 billion office supply retail sector.
Boca Raton, Fla.-based Office Depot Inc. and Naperville, Ill.-based OfficeMax say holders of OfficeMax shares will receive 2.69 shares of Office Depot for every OfficeMax share they own.
That's equal to about $13.50 per share, giving the deal a total value of about $1.2 billion.
Analyst say if the deal closes it would likely benefit the largest office supply player Staples Inc. because the combined entity will likely close stores.
