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Italian food manufacturer Newlat has halted talks to buy British food group Princes following Japanese owner Mitsubishi's rejection of a revised proposal for the asset, according to Reuters. In December, Newlat revealed that it was in “very advanced” talks to buy British food and beverage supplier Princes from Mitsubishi. The report said that the Japanese company was seeking a price of £400 million. On Friday (16 February), the Italian group said that it had submitted a new proposal for Princes, which accounted for lower demand and price dynamics in a "challenging UK market". However, Mitsubishi rejected the proposal. Newlat stated that it remained open to a transaction should Princes' owner reconsider its latest proposal.