StanChart shares up on buyout buzz

Shares of Standard Chartered Plc, the UK's best-performing bank stock, increased as much as 7.2 per cent on speculation that the bank may be the subject of takeover interest.

The shares rose as much as 111 pence to 1,654 pence, their biggest gain in almost two years, and were at 1,628 pence at 12:28 pm in London, valuing the company at £22.6 billion ($44.7 billion).

"They are a perennial bid candidate and there was talk of a consortium bid from Asia," said Simon Willis, an analyst at NCB Stockbrokers in London, which has an "accumulate" rating on the stock. Standard Chartered spokesman Tim Baxter declined to comment.