TUG scraps plan

BANGKOK: Thai Union Group (TUG), the world’s largest canned tuna producer, on Friday scrapped a $1.5 billion acquisition of US rival Bumble Bee Seafoods after US authorities said the deal would be harmful to competition in the seafood market. The deal would have given Thai Union control of some of North America’s best-known seafood lines, including two of the three biggest canned tuna brands in the United States, and was part of its quest to hit revenue of $8 billion by 2020. Thai Union would buy other overseas firms to make sure it reaches that target, Chief Executive Thiraphong Chansiri said after the announcement. The company had put a lot of effort into getting the deal approved since it announced it a year ago, he said, but scrapped it as US clearance became increasingly unlikely.