Why stationery retailer Staples exited its joint venture with Future Group in India
Staples Inc, the world’s largest office supplies firm, made a surprise exit from its six-year-old joint venture with Future Group earlier this year. This came at a time when the market was expecting Kishore Biyani-led Future Group to sell out as part of its exit from various non-core businesses to cut debt.
It now appears that Biyani was, indeed, keen to exit the venture, but a dispute over asking valuation at which Staples was to buy out the local partner led to the termination of the JV, according to an SEC filing by Staples.
Staples held 39.49 per cent stake...
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