Greene King May Mix With Spirit In Tie-Up

The brewer and pub operator Greene King has said it is in talks with rival Spirit Pub Company about a "potential combination".

Greene King, the UK's largest pub retailer and brewer with 2,000 pubs, restaurants and hotels, confirmed the news in a statement to the stock exchange following a report in the Financial Times, which put a value on a potential deal at £700m.

The company, whose brands include Hungry Horse, Old English Inns and Loch Fyne, said it approached Spirit, whose 750 pubs include the Chef & Brewer and Taylor Walker names.

The statement by Greene King added that a further announcement would be made in due course.

The FT had reported that Spirit had rejected an early takeover offer and had since raised it to 110p per share.

Shares in both companies rose in the wake of the announcement - with Spirit's almost 20% higher.

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