Recent merger talks between Greek retail company Sklavenitis and Cyprus’ Papantoniou supermarkets have failed to yield an agreement, Philenews reported on Thursday citing reliable information.
If the attempted merger had become a reality then the island’s retail market landscape would have certainly changed.
Paphos-based Papantoniou now owns nine stores and Sklavenitis which wants to boost its presence in Cyprus today operates 18 supermarkets all across the island.
An insider also said that the negotiations reached a deadlock after the two sides failed to agree on the financial terms of the potential merger.
They have decided to go their own separate ways without making any official announcement, added the same insider.
Capital.gr website on Wednesday reported that the Sklavenitis Group has recently expressed a keen interest in the Cypriot market.
And that it is discussing with local chains and individual supermarkets the possibility of acquiring companies or stores island-wide.
The goal is to increase the number of their presence in Cyprus and claim the first place in turnover in the supermarkets.