Lookers pulls out of race for Vardy

UK car dealership Lookers today conceded defeat to bigger rival Pendragon in the £506m (€740m) battle for the Sunderland-based operator Reg Vardy.

Lookers said it was in the best interests of its shareholders not to proceed with an offer for Vardy, which earlier today announced it had swung behind Pendragon following an increased takeover proposal on Friday.