Grupo Gigante to sell shares in Office Depot Mexico

MEXICO CITY Tue Jan 7, 2014 12:22pm EST

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MEXICO CITY Jan 7 (Reuters) - Mexican retailer Grupo Gigante said on Tuesday it will list shares in Office Depot de Mexico, the local unit of the U.S. office-supply chain it purchased last year.

Last June, Grupo Gigante, which also operates restaurants, paid 8.78 billion pesos ($671.31 million) for the 50 percent stake of the Mexican unit of the Office Depot chain it did not already own.

That same month, Grupo Gigante shareholders agreed to allow the company to weigh whether to list up to 35 percent of Office Depot in a stock offering.

On Tuesday, Grupo Gigante said in a regulatory filing that it had begun that process in order to pay back the loan used for the purchase of the Office Depot stake.

The listing would be public in Mexico and private in the United States and other markets.

Grupo Gigante did not say in the filing how much of Office Depot it would sell, nor how much it was seeking to raise.

Representatives from the company were not immediately available for comment.

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