REFILE-India's L&T calls off merger talks with Future Generali Insurance

Mon Apr 21, 2014 10:21am EDT

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MUMBAI, April 21 (Reuters) - India's Larsen & Toubro Ltd said on Monday its unit had called off talks with Future Generali Insurance, a joint venture between local retail chain operator Future Group and Italy's Generali, to merge their businesses.

The company did not give any reason for ending the merger talks.

Last March, L&T General Insurance, a unit of construction and engineering company Larsen & Toubro, and Future Generali had signed an agreement to merge the businesses.

After the deal, L&T was expected to hold a 51 percent stake in the joint venture, with Generali holding 26 percent and the rest with Future Group. (Reporting by Aradhana Aravindan; Editing by Sumeet Chatterjee)

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