In July, the two companies announced a non-binding agreement for Kraft to acquire 100% of the company. But on Friday, the Mexican company said the deal was off after its majority shareholders said they would not extend the deadline for negotiations on price.
MEXICO: Jugos del Valle pulls out of Kraft deal
Jugos del Valle, Mexico's largest fruit juice producer, has said it has withdrawn from negotiations with US food group, Kraft Foods Inc., regarding the latter's proposed takeover of the company, after they failed to agree on price. The announcement precipitated a 40% fall in the juice company's shares.
September 2, 2002