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Gambling giant Ladbrokes Coral has said it is in “detailed” talks over a takeover by online rival GVC in a deal which would value the group at £3.9bn.

Shareholders in GVC, which owns Bwin and Sporting Bet, would hold 53.5% of the shares in the combined group.

Ladbrokes Coral was formed last year following the merger of Ladbrokes and Coral.

The maximum price GVC will pay will depend on the outcome of the government’s review of gaming machines.