"Alignment could not be reached on the final structure of the transaction against the background of the current macro environment," Majorel said.

Sitel in June said it had reached a preliminary agreement to buy Majorel in a cash and shares deal that would include a 440 million euro ($440.9 million) cash payout to Majorel shareholders.

Both companies operate call centres and are based in Luxembourg. Majorel is listed on Euronext Amsterdam.

The new company would have been 44.9% owned by Sitel's majority shareholder the Mulliez family, with two 17.3% stakes held by Majorel shareholders Bertelsmann Luxembourg S.a.r.l and Saham respectively.

The companies in June said their revenues together would add up to around 5.4 billion euros.

($1 = 0.9979 euro)

(Reporting by Bart Meijer' editing by Jonathan Oatis)