G4S abandons deal to buy ISS after shareholder revolt

Security group G4S has scrapped its £5.2bn takeover of Danish cleaning company ISS after opposition from shareholders.

G4S said that after consultation with shareholders it concluded that it was "inappropriate to proceed".

Some shareholders expressed concerns about the takeover strategy and size of a rights issue to fund the deal.

The proposed takeover of ISS was one of the largest in the UK in the past couple of years, and would have given the combined group revenues of £16bn.

Chief executive Nick Buckles said in a statement that "we are obviously disappointed\'.

He added: "We respect the importance of shareholders' views and, on the basis of
feedback received since the transaction was announced, we have decided not to
proceed."