Lowe’s/Woolworths talks break down?

SYDNEY, Australia — Talks between Lowe’s and Australian retailer Woolworths are believed to have broken down over the closing of a joint venture the two companies had in Australia. According to the Australian Business Review, Woolies has to buy out Lowe’s ownership, which amounts to about 30% of the Masters Hardware Chain and a hardware wholesale company, Home Timber and Hardware. However, Lowe’s may be holding out for more money than Woolies is willing to spend. Masters has 60 stores and has so far racked up about $1 billion in losses for the joint venture.