Vijay Mallya's United Breweries has dropped plans to acquire French champagne group Taittinger.
According to industry sources, Starwood, which acquired control of Taittinger last year and had put it up for sale, asked UB Group to hike its offer price by 15-20 per cent. UB Group, sources said, found the new demand unjustified, and decided to drop the plan.
According to agency reports, French bank Credit Agricole and members of the Taittinger family are in advanced talks for buying back the family's champagne brand from Starwood Capital.
The UB group had offered nearly $752 million for Taittinger.
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