Shares in Britain’s Hanson rose more than four per cent on Wednesday as traders speculated that Mexico’s Cemex may make a bid for the building materials firm.
"There is a rumor that Cemex are looking at Hanson," said Jimmy Yates, trader at CMC Markets in London, one of several to mention the market talk.
Hanson declined to comment, as did top executives for Cemex .
"No comment. We do not comment on rumuors," Cemex’s Chairman and Chief Executive Lorenzo Zambrano told Reuters at an event marking the company’s 100th anniversary.
Cemex’s planning and finance chief Hector Medina also declined to comment on whether the company was in talks with Hanson or if it was a target. "No comment, no comment."
Hanson shares rose 4.15 percent to 677-1/2p, valuing the business at around 4.7 billion pounds.
Cemex shares closed up 1.32 percent on the Mexican bourse. Its American Depositary Receipts ended 1.56 percent higher at $29.27.
Cemex bought British building materials firm RMC in 2005 for $5.8 billion and earlier this week said it was building a new concrete-making facility near London before construction of London’s 2012 Olympic park gets underway.