Danone and the Russian drinks and dairy producer Wimm-Bill-Dann have called off takeover talks, the two companies said today, because agreement on terms of the deal could not be reached.

Danone had been looking to acquire all or a majority of WBD’s outstanding shares.

A Danone spokeswoman, quoted by Reuters, said the reason talks were terminated was because the two companies could not agree on the terms of the deal.

WBD said acquisition talks had been “amicably terminated”.

However, Reuters reported that a source close to the negotiations believed that while Danone had been willing to continue talks, shareholder in WBD were not.

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The source said the disagreement was over more issues than price, including strategy and the future of the juice business.

Danone’s shares were up slightly on the news to €127.80, a rise of 0.63%.