Newlat Food S.p.A. (BIT:NWL) said on February 16, 2024 it had halted talks to buy British food group Princes Limited as Japanese seller Mitsubishi Corporation (TSE:8058) rejected a revised proposal for the asset. Sky News reported in December that British buyout firm Epiris and Newlat were competing to purchase Princes, with Mitsubishi seeking a price of GBP 400 million ($504 million). Newlat said on February 16, 2024 it had submitted a new proposal for Princes to take into account lower demand and price dynamics in a challenging UK market.

Newlat, which operates in sectors including pasta, milk and dairy, added that it remained open to a transaction should Princes' owner change its mind on its latest proposal.