Brazil’s Zamp SA, which owns the Burger King brand in the South American country, said on Friday that Abu Dhabi state investor Mubadala had withdrawn its offer to buy a stake that would have given control of the company.
Mubadala had offered last week 8.31 reais (1.61 dollars) per share to buy a 45.15% stake in Zamp, however, he decided to abandon the operation, alleging that he had not obtained confirmation on whether the transaction would involve the termination of Zamp’s franchise and brand license agreements.
