KUALA LUMPUR, June 21 (Reuters) - Malaysia’s second-largest lender, CIMB Group Holdings, has abandoned plans to buy nearly 60 percent of San Miguel Corp’s unlisted banking unit, Bank of Commerce.
“(The parties) have not been able to reach an agreement on new terms in relation to the proposed acquisition. As such, the parties will not proceed with the proposed acquisition,” CIMB said in a stock exchange filing.
In May San Miguel said it was willing to keep its banking arm if CIMB walked away from the deal worth nearly $300 million. (Reporting by Siva Sithraputhran; Editing by David Goodman)