Albanian oil baron Rezart Taci has dramatically pulled out of takeover talks with Bologna.

Last month, the Menarini family formally announced they had agreed to sell their majority stake to the Albanian oil magnate.

Reports claim the deal faltered when Taci tried to get the asking price lowered.

"Taci has requested not to proceed with the completion of the deal which was set for August 4," a statement read from Aktiva Spa, the company run by the Menarini family.

"Aktiva awaits clarification of the current situation and of any eventual definite developments."