Dubai-based retailer Majid Al Futtaim’s attempt to buy Egyptian chains Metro and Kheir Zaman has ended after talks with owner The Mansour Group concluded without a deal being reached.
MAF today (25 November) confirmed the two sides were not able to reach a “conclusive agreement” on the future of the two chains.
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“Both parties have agreed to end discussions at this time and will continue to build their respective businesses in Egypt independently,” MAF said.
Reports in May suggested the two sides were set to go ahead with a deal, with only minor details needing to be finalised.
When asked today why the talks had ended without agreement, a MAF spokesperson would only say: “The two parties couldn’t reach a conclusive agreement and hence decided to end the negotiations.”
The Mansour Group is an Egyptian conglomerate with interests in sectors including food manufacturing, retail, the automotive industry and capital markets.
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By GlobalDataIts website describes Metro as “Egypt’s largest supermarket chain”, with 48 stores across 15 cities.
The Kheir Zaman discount chain has 38 outlets throughout Egypt.
