Chinese supermarket chain Wumart Stores (1025.HKG) has abandoned a deal to acquire CP Lotus Stores (0121.HKG), The Wall Street Journal reported. A statement from CP Lotus said both stores “were not able to make sufficient progress in reaching agreement on certain key terms for the proposed transaction.” This deal would have included the two companies taking stakes in one another. In October, Wumart said it planned to purchase around 10% of CP Lotus for US$70.5 million while CP Lotus intended to buy a roughly 14% stake in Wumart for US$372.7 million.
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