Sector movers: Industrial stocks rise as bid speculation boosts can maker Rexam

5th Feb 2015 15:58

M&A speculation surrounding Rexam sparked a surge in industrial stocks in London on Thursday after the beverage can maker confirmed rumours that it has been approached by Ball Corporation.Rexam's shares were up nearly 21% at 539.5p by the close after the company said it had held talks with Ball Corporation over a cash-and-shares takeover proposal.Ball Corporation, the American group which provides metal packaging for beverages, food and household products, has proposed a acquisition which values Rexam at 610p per share, or £4.3bn."Discussions on other matters are continuing and there can be no certainty any formal offer will be forthcoming, or as to the terms of any offer," Rexam said.Others in the UK-listed industrial sector were also performing well on Thursday, including Vesuvius, Smurfit Kappa, RPC Group, British Polythene Industries, DS Smith and Smiths Group. Top performing sectors so far todayGeneral Industrials 4,227.57 +5.88%Fixed Line Telecommunications 4,978.70 +3.79%Industrial Metals & Mining 1,743.22 +3.39%Oil Equipment, Services & Distribution 16,952.79 +3.38%Industrial Engineering 9,289.86 +2.26%Bottom performing sectors so far todayMobile Telecommunications 5,203.47 -2.57%Tobacco 42,968.14 -1.46%Personal Goods 26,598.50 -1.42%Construction & Materials 4,634.47 -1.31%Media 7,020.06 -1.26%