Thai Union drops plan to acquire US tuna producer

ALMOST a year after announcing its intent to acquire Bumble Bee Foods, LLC, the Thai Union Group Public Company Limited (TU) said today it would no longer pursue the acquisition. The company had reached a decision with Lion Capital to terminate the Share Purchase Agreement effective immediately.

Both parties have for the past year advocated the merits of the deal before the US Department of Justice. However, they have concluded that the clearance is unlikely under the time stipulated in the Share Purchase Agreement.

Mr Thiraphong Chansiri, President and CEO of Thai Union said, “We have put a lot of efforts to get this deal approved. However, we also recognize that the clearance is now unlikely due to a higher level of complexity in the process. We have decided to focus our energy on our existing business. Thai Union remains committed to the North American seafood market.”

Bumble Bee Foods, a producer of tuna, is the company’s biggest competitor in the United States.

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