Xinmao Withdraws €1B Bid For Draka

China’s Tianjin Xinmao S&T Investment has dropped its €1 billion bid for Dutch cable company, Draka, Financial Times reports. The move comes after Italian cable maker, Prysmian, launched a formal bid worth €840 million for Draka.

Prysmian’s offer was supported by Draka’s largest shareholder, Flint Beheer, a Dutch family investment group that owns 43.9% of the group. Flint Beheer’s firm commitment may be broken if another party offers at least 15% above the Italian company’s offer.

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