Dubai retailer MAF says Egypt supermarket deal talk fails
Dubai retail firm Majid Al Futtaim (MAF) has announced that talks to buy Egypt's largest supermarket…Dubai retail firm Majid Al Futtaim (MAF) has announced that talks to buy Egypt's largest supermarket chain from family-owned Mansour Group have collapsed.
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 will build their businesses in Egypt independently.