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Field agrees to pounds 194m US bid

PACKAGING group Field has agreed a pounds 194m takeover bid from US napkin and paper-towel giant Chesapeake. The 320p a share offer represents a premium of 41 per cent over the closing price of the Buckingham-based group's shares on 8 January, the day before it said it was in talks.

Field's shares fell sharply last year after it issued a second-half profits warning and reported a drop in interim profits, after sales fell at its main customers, Diageo and BAT. The shares closed up 23p at 316.5p.