Welcome to the new Independent website. We hope you enjoy it and we value your feedback. Please contact us here.

LucasVarity soars on bid news

SHARES IN LucasVarity soared yesterday as the car and aerospace parts group edged closer to a pounds 4bn cash takeover by the US giant TRW, after rebuffing a pounds 3.9bn bid from Federal Mogul, another US engineer.

The stock closed the session more than 17 per cent higher at 286p as the market awaited Federal Mogul's decision on whether to raise its cash and paper offer. Analysts said that TRW, one of the world's largest producers of steering systems, could be close to offering around 290p a share for the company. LucasVarity said it would make an announcement later this week but declined to comment further.