Aug 28 (Reuters) – Russia’s biggest home electronics retailer M.video said on Wednesday it would not go ahead with a proposed acquisition of closest rival Eldorado because they could not agree on terms.
The company also cited requirements imposed by Russia’s competition watchdog, the Federal Anti-Monopoly Service (FAS), for the deal to go ahead, said Anton Panteleev, M.video’s spokesman.
“The talks between M.video and (investment) fund PPF about a possible acquisition of 100 percent of Eldorado have been suspended due to a failure in reaching consensus on terms and FAS injunctions,” said Panteleev.
M.video had discussed a merger with Eldorado, owned by Czech magnate Petr Kellner’s investment group PPF, in 2011 but the deal never materialised.
It revived the plan at the beginning of this year and received an anti-monopoly approval to go ahead, subject to the combined company selling some stores.