Hong Kong investment firm First Pacific Co. has aborted plans to acquire Malaysian confectioner Cocoaland Holdings.

A stock exchange announcement confirmed the MYR463.3m (US$125m) bid had been dropped.

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First Pacific said it withdrew from the deal that was announced on 3 June after a detailed review revealed "the strategic benefits from Cocoaland’s product range to First Pacific group’s overall regional food expansion plans is significantly less than First Pacific had initially envisaged".

At the end of May, Cocoaland rejected a bid from investment firm Navis Asia Fund saying directors had studied the proposed offer and "unanimously rejected" it.

Cocoaland Industry manufactures mainly chocolates, hard candy, fruit gummy, cookies, wafer, snack and beverage. The wider company also manufactures soft drinks, wafer rolls, peas, nuts, jelly cups, snacks and crackers.

The group listed on the Malaysian stock exchange in 2005.

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