Pantaloon Retail: Not In Deal To Sell Stake In Staples Joint Venture
03/01/2012| 08:20am US/Eastern
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. (>> Staples, Inc.) 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; email@example.com