Greencore has called off talks regarding a possible takeover of the company due to turmoil on the global markets.

In an update to the market, Greencore said that the board’s stance on “strong underlying value” of the company and the current turmoil in global capital markets had brought about the end of the discussions.

In October, Greencore received a takeover approach from a mystery bidder.  Clayton Dubilier & Rice, the US private equity group that earlier this year handed Sir Terry Leahy a part-time advisory role, was thought to be behind the approach.

Greencore will issue its full-year results tomorrow.