Icon drops bid for German Internet shop

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STOCKHOLM--Swedish Internet ad agency Icon Medialab has abandoned plans to take over Kabel New Media, based in Hamburg. Kabel New Media is one of Germany's leading Internet-focused design, advertising and marketing consultancies with 1998 revenues of $5 million.

Icon CEO Franco Fedeli attributed the failure to close a takeover deal to "irreconcilable differences" in setting a value for Kabel New Media shares and in issues relating to the future of key managers in the German company post merger.

"This deal slipped through our hands, but we are pursuing several other acquisition deals in Scandinavia and France," he says. "We are also very interested in entering a merger of equals with an American partner."

Copyright January 1999, Crain Communications Inc.

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