Pantaloon Retail: Not In Deal To Sell Stake In Staples Joint Venture

Date : 03/01/2012 @ 8:34AM
Source : Dow Jones News
Stock : Staples, Inc. (MM) (SPLS)
Quote : 10.1  -0.01 (-0.10%) @ 4:02PM

Pantaloon Retail: Not In Deal To Sell Stake In Staples Joint Venture

Staples, Inc. (MM) (NASDAQ:SPLS)
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Pantaloon Retail (India) Ltd. (523574.BY) said Thursday it hasn't entered into any transaction to sell its stake in a joint venture with Staples Inc. (SPLS) to the U.S.-based office-supplies retailer.

"The company shall inform about any firm and binding decision no sooner approved by the board, to the regulators and the shareholders," Pantaloon Retail said in a notice sent to the stock exchanges.

The notice comes in response to an Economic Times report, citing two unidentified analysts, that said Pantaloon is planning to sell its stake in a deal which could fetch the company about INR2 billion ($41 million).

As of March 31, 2011, Pantaloon held a 39.49% stake in the joint venture with Staples, the newspaper reported.

-By Rumman Ahmed, Dow Jones Newswires; 91-9845104173; rumman.ahmed@dowjones.com

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