Speculation that a takeover of Anglo-French electrical group Kesa may be on the cards has prompted the retailer’s share price to soar.
Typically about 3m Kesa shares change hands daily, but by mid-morning more than 10m had been traded. By the close of the market Kesa’s shares were up almost 10%.
Electricals retailer Best Buy, which launched in the UK earlier this year in partnership with Carphone Warehouse, was one potential buyer linked to Kesa. There was also talk that a private equity house could be considering an offer.
Kesa declined to comment on the speculation.