Gigante offers almost $700 million for rest of Office Depot Mexico

MEXICO CITY Thu Feb 21, 2013 4:42pm EST

An Office Depot store is pictured in Encinitas, California, February 19, 2013. REUTERS/Mike Blake

An Office Depot store is pictured in Encinitas, California, February 19, 2013.

Credit: Reuters/Mike Blake

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MEXICO CITY (Reuters) - Mexican retailer Grupo Gigante (GIGANTE.MX) said on Thursday it has offered 8.78 billion pesos ($687.34 million) to buy the 50 percent stake in the Mexican unit of U.S. office-supply store chain Office Depot Inc ODP.N that it does not already own.

Grupo Gigante, which also operates supermarkets and restaurants, said its offer will expire soon, without going into further detail in a statement filed with Mexico's stock exchange.

The company said earlier this week it has been considering options related to its 50 percent stake in Office Depot's ODP.N local unit, which it has held since 2008.

Last month, Gigante said it entered a joint venture with U.S. pet product supplier Petco Animal Supplies to open at least 50 stores in Mexico and other Latin American countries over seven years.

(Reporting by David Alire Garcia; editing by Matthew Lewis)

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