UPDATE 1-Armajaro no longer in talks to buy Plexus Cotton
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LONDON, April 26 (Reuters) - Soft commodity trader Armajaro is no longer in talks to buy Plexus Cotton Ltd, a medium-sized cotton merchant, the companies said in a joint statement on Friday.
"Discussions have been discontinued by mutual agreement due to a failure to agree terms," the statement said.
The companies were reported to be close to a deal in November last year.
Liverpool-based Plexus is in the second tier of merchants in the small but volatile cotton industry, handling about 800,000 bales a year, according to trader estimates.
Britain's Armajaro Trading, which trades cocoa, coffee and sugar, is a subsidiary of Armajaro Holdings Ltd.
The parent company, co-founded by Anthony Ward and Richard Gower, also has an asset management unit as well as subsidiaries trading financial instruments and vintage wines. (Reporting by Sarah McFarlane; Editing by Jane Baird)
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