Italian food manufacturer Newlat Food has stopped negotiations to buy Mitsubishi-owned UK-based food and drink group Princes, the company said Friday.

The company, which operates in sectors including pasta, milk and dairy, said Mitsubishi had rejected its latest offer to buy the food group.

In December, Sky News reported that UK private equity firm Epiris and Newlat Food were the last remaining bidders for Princes.

On Feb.