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added on 2010-07-16 01:25:21
The merger talks between PartyGaming and Bwin Interactive Entertainment AG have come to a standstill. The two companies negotiated the £2 billion merger for several months.
If things had gone as speculated, PartyGaming and Bwin would have created the largest online bingo group in the world.
Unfortunately, “in the end, the talks have not led to the desired outcome,” said Hannes Androsch, Bwin's largest single shareholder and chairman of the company's supervisory board. Analysts think the merger could have sett off a wave of consolidation in the fragmented industry.
“Bwin wants to tackle the task of entering the United States with a competent and local partner. We are holding talks to do this,” said Bwin's co-chief executive, Norbert Teufelberger.
The famous Austrian betting and gaming operator Bwin has already admitted the company hopes in an acquisition or a merger, rather than in natural growth. It seems like the company is looking for a partner in the US.
PartyGaming and Bwin had been discussing for almost a year the terms of the merger. PartyGaming is listed at £ 1.1bn, while Bwin, the largest e-gaming company, is listed at 1.4 billion €.
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