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South Korea's Lotte Shopping drops bid for World Duty Free
[SEOUL] Lotte Shopping Co Ltd said on Wednesday it is no longer considering acquiring World Duty Free SpA after the Italian company said it was no longer interested in talks due to progress with another potential buyer.
Switzerland's Dufry agreed in late March to buy a majority stake in World Duty Free, a deal which values the Italian firm at 3.6 billion euros (S$5.2 billion).
Lotte Shopping owns Lotte Duty Free, the world's fourth-largest duty free store operator.