M&A WATCH- Gulf Capital pulls away from Arab Dairy takeover plans: UAE-based Gulf Capital’s GC Equity Partners III fund has walked away from its plans to acquire 100% Arab Dairy. The cheesemaker said in a bourse disclosure (pdf) it received a letter from the fund stating that its “strategy and expansion plans are not in line” with the fund’s investment mandate. This came a few weeks after the fund asked to conduct due diligence ahead of the now-shelved bid. Netherlands-based FrieslandCampina, which was given the green light earlier this month to conduct a due diligence study on the target, is now the only prospective buyer. Arab Dairy is close to 70% owned by Pioneers Holding.

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