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Greene King May Mix With Spirit In Tie-Up

(c) Sky News 2014

The brewer and pub operator Greene King (Other OTC: GKNGY - news) has said it is in talks with rival Spirit Pub Company (LSE: SPRT.L - news) 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.

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

Shares (Berlin: DI6.BE - news) in both companies rose in the wake of the announcement - with Spirit's almost 20% higher.