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€989m Spirit deal close

The sought-after Spirit pub group has reached agreement with pub retailer and brewer Greene King on the terms of Greene King's proposed £773m (€989m) takeover of Spirit.

Spirit had received a preliminary approach from Bulmers maker C&C but rejected it.

C&C still have the option of making another approach before November 20. Yesterday, a company spokesman refused to comment on whether they would do so.

The Greene King takeover of Spirit is subject to the approval of shareholders of both companies.