Bahrain’s Gulf Financial Group (GFH) pulls back from talks to buy Dubai-based investment firm Shuaa Capital, which has a market value of USD 432 mn, Reuters reports.

GFH did not provide a reason for the withdrawal from the talks that were announced in March this year.

Shares of the two companies had rallied ahead of the announcement on March 14 that the two companies have begun merger talks, which would have formed a diverse conglomerate with interest ranging from retail and investment banking to broking and property development.