Pubs giant Punch Taverns today poured cold water on speculation it was in talks over a £5bn merger deal with the owner of All Bar One.
Punch, which owns 92 pubs in Oxfordshire, was said to have approached leading shareholders of Mitchells & Butlers about a deal to create a business with 11,000 pubs.
But bosses told the stock market today that no such talks were taking place.
A company statement said: "Punch Taverns notes the current speculation regarding Punch and Mitchells & Butlers. Punch confirms that it is not in discussions with Mitchells & Butlers or any Mitchells & Butlers shareholder regarding any offer or merger."
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