Office Depot, OfficeMax shares soar on merger chatter

Shares of both Office Depot and OfficeMax soared Tuesday on reports of merger talks.

NEW YORK (CNNMoney)

OfficeMax (OMX, Fortune 500) shares rallied 20%, while shares of Office Depot (ODP, Fortune 500), the larger of the two, surged 27%.

Office Depot has 1,262 stores worldwide, though only 131 of those are outside the United States. It has 39,000 employees, and 2011 sales of $11.5 billion, the last full year for which it has reported results.

Office Max has 978 stores, 29,000 employees and 2011 sales of $7.1 billion.

The talks come as mergers and acquisitions have picked up. Just last week, US Airways (LCC, Fortune 500) announced a merger with American Airlines parent AMR (AAMRQ, Fortune 500), Warren Buffett's Berkshire Hathaway (BRKA, Fortune 500) announced it was buying ketchup maker Heinz (HNZ, Fortune 500), and Comcast (CMCSA) announced a $16.7 billion deal for the 49% of NBC Universal that was still owned by General Electric (GE, Fortune 500).

Related: M&A making a comeback

Both Office Depot and OfficeMax are dwarfed by Staples (SPLS, Fortune 500), which operates 2,248 stores worldwide and had 2011 sales of $25 billion. Staples has also face increased competition from online retailers, such as Amazon (AMZN, Fortune 500). Staples shares were also up nearly 13% in premarket trading.

The merger talks were widely reported Monday, when U.S. markets were closed for a holiday.

First Published: February 19, 2013: 8:34 AM ET

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