OfficeMax and Office Depot to merge


OfficeMax and Office Depot confirmed they have signed a
definitive agreement to merge. The deal creates a global stationery retailer
with combined sales of $18 billion. The parties have also agreed to form a
selection committee made up of an equal number of independent board members
from each company to oversee the search process for a chief executive for the
combined company. Both incumbent bosses Neil Austrian and Ravi Saligram, as
well as external candidates, will be considered.

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