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Madison and Acker break off partnership
Hong Kong wine merchant Madison and US auction house Acker Merrall & Condit have suspended their proposed partnership.
Madison Wine
In a statement on its Facebook page, Madison said: “After intensive negotiation and discussion, Madison Wine and Acker Merrall & Condit finally cannot make a consensus. The proposed partnership project is suspended. The signed MOU from both sides is also ineffective.”
As reported by the drinks business Hong Kong in April last year, Madison Wine had entered into talks with the auctioneer to buy a 45% stake in the business.
After a year however, it seems all has not gone to plan and the deal has completely fallen through.
Madison’s statement continued: “Madison Wine devotes on [sic] expanding the business and seek for all-round development. We aim at offering our customers and investors a better quality of service and higher return.
“We have put our greatest effort on collaborating with the biggest fine wine auction house, Acker Merrall & Condit. Unfortunately both sides cannot make a mutual agreement. The proposal has to be suspended. Madison Wine hereby declares both companies [were] operating independently from the beginning to the end. There is no partnership between [either] side.”