Prisons to security group G4S abandoned its audacious plan to buy Danish cleaning firm ISS today after a number of its shareholders threatened to vote down the £5.2bn deal.

G4S said it scrapped the move - announced just two weeks ago - after shareholders raised concerns over the scale of the takeover amid an uncertain economic climate.

Chief executive Nick Buckles said he was disappointed but "on the basis of feedback received" decided not to proceed.

The deal would have created a huge cleaning and security conglomerate with 1.2 million staff and made the firm the world’s second largest employer.