Kuwait Food Co. (Americana) said a 69 percent stake sale in the food producer to the Dubai-based consortium, Adeptio, has been scrapped, ending months of negotiations.
Americana said in a statement to Kuwait Stock Exchange (KSE) that no final agreement was reached between the two parties.
Trading in Americana’s shares was halted earlier on Sunday pending a company announcement on the talks.
In February, Adeptio, an investment group led by Emaar Properties’ chairman Mohamed Alabbar signed an initial agreement to buy a 69 percent stake in Americana from Al Khair for Stocks and Real Estate, which is owned by Kuwait's Al-Kharafi family.
The stake would be worth $2.15 billion based on Americana's current market value of $3.11 billion, according to Thomson Reuters data.
Americana holds the Middle East franchises for the fast food chains KFC, Pizza Hut, Hardee’s, TGI Friday’s, and Baskin Robbins, among others.
The company also produces various food brands such as California Gardens, Gulfa water, Heinz and Farm Frites.
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