Italy's Newlat halts talks to buy UK food group Princes

Newprinces SpA

16/02/2024 17:59

MILAN, Feb 16 (Reuters) - Italy's Newlat  NWLF.MI  said
on Friday it had halted talks to buy British food group Princes
as Japanese seller Mitsubishi Corp  8058.T  rejected a revised
proposal for the asset.
    Sky News reported in December that British buyout firm
Epiris and Newlat were competing to purchase Princes, with
Mitsubishi seeking a price of 400 million pounds ($504 million).
    Newlat said on Friday it had submitted a new proposal for
Princes to take into account lower demand and price dynamics in
a challenging UK market.
    Newlat, which operates in sectors including pasta, milk and
dairy, added that it remained open to a transaction should
Princes' owner change its mind on its latest proposal.
    Princes sells tinned fruit and fish under its own name
brand, and other products such as Flora sunflower oil and the
Napolina range of Italian-style tomato sauces.
    It traces its roots to 1880, when it was founded as a fish
importer in Liverpool, the northern English city where it
retains its international headquarters. It has been owned by
Mitsubishi since 1989.
 
($1 = 0.7938 pounds)

 (Reporting by Elvira Pollina, editing by Alvise Armellini,
Kirsten Donovan)
 ((elvira.pollina@thomsonreuters.com;))