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Australasian brewer Lion Nathan said today it has abandoned its A$7.3 billion ($9.4 billion) bid for soft drinks maker Coca-Cola Amatil Ltd, Reuters news agency reported.
The decision came after talks between major shareholders in the two companies broke down.
Lion Nathan told Reuters it was surprised that The Coca-Cola Co, which holds 30 per cent of Amatil, had stopped talks and that it had not meaningfully engaged with Lion Nathan's cash and scrip proposal.
"We made a very attractive offer at a 30 per cent premium in very challenging market conditions," said chief executive Rob Murray.
He said Lion Nathan would concentrate on building its own earnings, Reuters reported.
