FBD takeover speculation lifts shares

TAKEOVER speculation drove the shares of FBD nearly 20% up by lunchtime yesterday on rumours Dutch insurance giant Eureko was lining up a bid for the Irish group, founded by farmers to meet their own farm insurance needs.

By late afternoon shares in the group had fallen back from the earlier high, but were still up by over 15% in late trading, €34 having closed Friday at €29.20.

At close FBD gained €4.80, or 16%, to €34 in Dublin trading, the biggest increase since August 2003.