Office Depot Buying OfficeMax

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Office Depot said on Wednesday it will buy smaller rival OfficeMax in an all-stock deal worth about one-point-two-billion-dollars.

The deal was announced in Office Depot's earnings report.

There are no details on cost savings, staff cuts or store closings.

And, there is no indication if the stores will operate under both brands or use one name.

Some in the industry say the merger is an attempt for the two companies to better compete with rival Staples.