O2 takeover pushes FTSE past 5300

The biggest takeover of a UK company for five years and a rush of other bid activity drove the FTSE 100 Index beyond the 5300 barrier today.

Mobile phone operator O2 brought smiles to the faces of traders after agreeing to be taken over for £17.7bn (€26.1bn) by Spanish firm Telefonica, sending its shares up more than 25%.