ARM Holdings takeover bid pushes Ftse near 11-month high

London’s top-flight index fell just short of breaking through the 6,700 mark for the first time in 11 months after shares in ARM Holdings soared following its takeover approach from Japan’s SoftBank.

The Ftse 100 was 26.2 points higher at 6695.4 after the value of the microchip designer jumped more than 40%, or 486p, to 1675p, after the Japanese company tabled a £24bn deal.

SoftBank pledged to double the tech giant’s 3,000-strong UK workforce over the next five years, while holding on to its Cambridge headquarters and its existing management team.