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Punch denies £5b takeover plans for M&B

26 November 2007 by
Punch denies £5b takeover plans for M&B

Punch Taverns has issued a statement denying it is planning a £5b-plus bid for rival pub group Mitchells & Butlers.

It emerged last week that Punch was in the early stages of considering whether to make an approach for the All Bar One and O'Neills owner after being approached by M&B shareholders.

However, reports that Punch had begun any discussions externally were quashed yesterday.

"Punch notes the current speculation regarding Mitchells & Butlers and confirms that it is not in discussions with M&B, or any M&B shareholder, regarding any offer or merger," the company said

The statement followed a denial on Saturday from M&B after one report said that the two companies were discussing a merger.

Analysts are expecting M&B to report pre-tax profits in the region of £196m on Thursday, against £208m in 2006. The group will also update investors on its plan to launch a £4.5b joint property venture with Robert Tchenguiz.

Tchenguiz in talks with M&B to resurrect deal >>

Tchenguiz denies Mitchells & Butlers share sale >>

Pub company Mitchells & Butlers' future in the spotlight >>

Punch Taverns and Mitchells & Butlers predicted to join FTSE >>

Punch Taverns to report a rise in sales after acquisitions >>

By Daniel Thomas

E-mail your comments to Daniel Thomas](mailto:Daneil.Thomas@rbi.co.uk?subject=Punch denies £5b takeover plans for M&B) here.

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