ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Tuesday, April 8, 1997 TAG: 9704080043
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
Staples, Office Depot to fight for merger
WASHINGTON - Staples Inc. and Office Depot Inc., asserting that federal antitrust officials do not understand the office supply business, vowed Monday to ``vigorously contest'' the Federal Trade Commission's decision to challenge their proposed $4 billion merger.
Thomas G. Stemberg, Staples' chief executive, said the FTC's conclusion that the merger would result in higher prices and less competition was based on a small sample of prices and a flawed theory of the market.
``We believe an unbiased court of law will understand the merits of our case,'' he said.
The commission voted 4-1 Friday to go to federal court this week to block the proposed combination, which would create an office supply giant with more than 1,000 stores and $10 billion in annual sales.
-ASSOCIATED PRESS
Short-term T-bill rates dip
The Treasury Department on Monday sold $6.5 billion in three-month bills at an average discount rate of 5.14 percent, down from 5.18 percent last week. Another $6.5 billion was sold in six-month bills at an average rate of 5.30 percent, down from 5.31 percent.
The rates were the lowest since March 17, when three-month bills sold for 5.13 percent and the six-month rate averaged 5.26 percent.
The Federal Reserve said the average yield for one-year Treasury bills, the most popular index for adjustable-rate mortgages, rose to 5.99 percent last week from 5.94 percent.
-ASSOCIATED PRESS
Coal production slightly higher
CHARLESTON, W.Va. - U.S. coal production rose slightly, from 21.3 million tons to 21.4 million tons, in the week ended March 29, the U.S. Department of Energy said Friday. The industry produced 20.8 million tons in the same week last year.
Virginia mines produced 775,000 tons that week, up slightly from 774,000 tons the previous week but down from 823,000 tons in the same week of 1996.
Production so far this year is 260 million tons, 1.6 percent ahead of last year's at this time.
-ASSOCIATED PRESS
LENGTH: Short : 50 linesby CNB