Cineworld drops Spain deal

Cineworld yesterday dropped its takeover of Spanish picture house group Cinesur, after six months of talks failed to produce a satisfactory deal. Cineworld said in a statement that the seller “had not been able to satisfy certain pre-conditions to completion within the agreed timescale” and that a deal was no longer in the interests of shareholders. The firm said when it announced the takeover in April that Cinesur had around €18m in assets.