Metro Supermarket (Photo: mansourgroup.com)
Dubai retail firm Majid Al Futtaim (MAF) said on Monday that talks to buy Egypt's largest supermarket chain from family-owned Mansour Group have collapsed, MAF said on Monday.
MAF, which is the sole franchisee of French hypermarket chain Carrefour in the Middle East, was in advanced negotiations to buy Mansour Group's Metro chain and discount grocery store Kheir Zaman, Reuters had reported in April, citing sources familiar with the matter.
A deal was seen worth between $200 million to $300 million.
MAF said in a statement both parties have agreed to end discussions and will build their businesses in Egypt independently.
In September, a senior company official said that it would not pursue investments in Egypt and Syria until stability returns to the two countries.
"Egypt is still unstable, we are waiting for it to settle down but we are still in negotiations. As for Syria, any investor will hold back. It's not good to move forward now with the revolution going on," Younus Al-Mulla, MAF's senior vice president for retail international development, told reporters at the opening of a new Carrefour hypermarket near Abu Dhabi in September.
The company reported a 10 percent increase in revenues during the first six months of 2013, recording $3 billion.
This story has been edited by Ahram Online.