Australasian brewer Lion Nathan said today it has abandoned its A$7.3 billion ($9.4 billion) bid for soft drinks maker Coca-Cola Amatil Ltd, Reuters news agency reported.
The decision came after talks between major shareholders in the two companies broke down.
Lion Nathan told Reuters it was surprisedthat The Coca-Cola Co, which holds 30 per cent of Amatil, had stopped talks and that it had not meaningfully engaged with Lion Nathan's cash and scrip proposal.
"We made a very attractive offer at a 30 per cent premium in very challenging market conditions," said chief executive Rob Murray.
He said Lion Nathan would concentrate on building its own earnings, Reuters reported.
