The takeover bid launched by the Spanish fashion group Cortefiel on troubled local rival, Adolfo Domínguez, collapsed after the latter's core group of shareholders increased their stake to more than 50% and said that they would reject the offer.

Cortefiel launched a €9 ($7.9) per share bid for 100% of Adolfo Domínguez in early March, valuing the company at €78.4m, well beneath the company's flotation value of €159.2m. The bid was conditional on Cortefiel's obtaining 51%. However, the target's founder, Adolfo Domínguez, who still holds a 30% stake in the company, openly opposed the bid.