Denmark’s Arla Foods to Drop Bid for Egypt’s Arab Dairy

European dairy produce cooperative Arla Foods Amba has dropped its bid for Egyptian Arab Dairy Product Company, Arla Foods said on Wednesday.

The decision came after Denmark’s Arla completed due diligence on Arab Dairy Product Company.

“Our conclusion based on the study is that we will not make a binding offer to Arab Dairy,” said head of Arla’s Consumer International Finn S. Hansen in the statement.

Arla Foods said on Sept. 11 it has placed a non-binding bid for shares in the Egyptian company.

Source: Reuters