Lex: Kirin/Suntory

Kirin and Suntory on Monday called off merger talks after the two Japanese groups failed to agree on a merger ratio, bringing an end to negotiations that would have created a global beverage group surpassing Coca-Cola in sales. The talks to create the world's fifth largest beverages group, which had been ongoing since last July, broke down as the two sides also failed to narrow differences on the structure and business model of the new company. Ben McLannahan analyses why merger talks fell apart.