Shares in brewer Scottish & Newcastle rose as much as 4 percent on Tuesday on market talk of a rival takeover attempt to a 6.8-billion pound bid from Carlsberg and Heineken , traders said.

Traders in London said the shares were rising on talk of a bid at 850 pence per share. No bidders were named.

Scottish & Newcastle was not immediately available for comment.

At 4:03 p.m., the shares were up 2 percent at 774 pence, the fourth biggest gainers on the FTSE 100, which was down 0.6 percent. The shares earlier hit a high of 789 pence.

Scottish & Newcastle has rejected Carlsberg and Heineken's joint 720 pence per share bid, calling it a derisory bid to buy the business on the cheap. Some analysts say a bid at 800p could seal a deal.
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