Staples nears Corporate Express target

US office supplies group Staples has taken a 12.3% stake in Dutch takeover target Corporate Express, the company said on Thursday.

Staples said it paid €9.15 for the 22.4 million shares from an un-named group of shareholders. Another group of shareholders, representing 23.2% of Corporate Express capital have already said they will tender their shares.
Staples said it will declare its €1.7bn bid for Corporate Express a success if it controls 51% of the company.

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