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Xinmao announced that it decided to call off its offer for Dutch cable maker Draka, which valued the company at €1 billion in total. The Chinese firm cited the time pressure which occurred after the placement of Italian cable maker Prysmian's official offer as the most important reason for the withdrawal. The European Commission will review the proposed acquisition by Prysmian in early February.

Prysmian said that if it proceeds with the takeover of Draka, it has no plan to dual-list its shares in Amsterdam. The Italian cable maker aims to take full control of Draka and de-list the Dutch company. Prysmian also commented that a return of Chinese Xinmao is highly improbable and expects that no other cable maker will make a bid as it is very late in the process.