South African consumer goods group Tiger Brands has abandoned plans to buy local rival AVI.
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Tiger first indicated that it would move for AVI in October and made a fresh play for the company in January.
The group saw a deal with AVI as a way of improving the global competitiveness of both companies but said today (4 March) that it had scrapped its plans.
“Shareholders are advised that, notwithstanding the clear strategic merits of the proposed transaction, given the deterioration in market conditions since the time of the initial approach to AVI in October 2008 and taking into consideration that discussions with AVI have not proven sufficiently fruitful, Tiger Brands does not intend pursuing the proposed transaction,” the company said.
Officials at AVI could not be reached for immediate comment.
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