Property group Minerva has been a rumoured takeover target for a while, and a share surge this morning has drawn out one possible bidder.
Limitless, a subsidiary of sovereign wealth fund Dubai World, said it is in the early stages of deciding whether or not to bid, although it has not made any formal approach. It said there was no guarantee of a bid, or at what price it might be made. This has not dented investors' enthusiasm, and Minerva is now 23% higher at 124p.
The news has lifted other property groups, with Quintain Estates up nearly 6% and Great Portland Estates nearly 4% better.
Hopes that the Bank of England would trim rates today have been firmly dashed, with not even an explanatory statement to placate those who believe it has made the wrong move. The FTSE 100 was down 5.5 points before the midday news, and is now 15 points lower at 6246.0.
