Chemical group, ICI, is reportedly a target of Akzo Nobel, according to a national newspaper.
The Business Section of The Sunday Telegraph reported that the bid speculation was the reason why the Stock Exchange was buzzing and saw ICI's share price leap 1.4% to 422p.

ICI recently agreed to sell its Quest fragrances and flavourings division, reducing the company to a starches, Dulux paint and speciality chemicals group.

However, many dealers have received the news with caution and put it down to another 'Friday rumour'.