SABMiller has ruled itself out of the race to buy brewer Scottish & Newcastle.

Last month, S&N was bought by Carlsberg and Heineken in a deal valuing the brewer at £7.8bn. However, reports had suggested SABMiller was planning to make an 850p-a-share offer for the business.

But in a statement released yesterday, SABMiller revealed that although it carried out a preliminary evaluation of S&N, it had decided “not to take further action”.

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