Manchester United shares rise sharply

Shares in Manchester United have risen significantly following a news report of a takeover bid for the premier league champions. The club has denied this.

Manchester United's shares - one of the world's most popular football clubs - were trading 4.3% higher at stg£1.75 (€2.49) by 8:38 this morning.

Manchester United confirmed on Monday a report from Reuters that it had not received any takeover approaches.

The Observer newspaper said three unidentified billionaires had made separate inquiries into bidding for the club.