A key player in recent takeover activity on Irish and British high streets has lined up a £1bn (€1.4bn) war chest for a major deal of its own, it was reported today.

The London market ended the week on a flat note today after Wall Street closed in a mark of respect to former US President Ronald Reagan.

Fresh foods group Geest found itself at the centre of takeover speculation today after Icelandic investors swallowed a larger slice of the company.