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UPDATE: 9.44. Chloride rejects approach from unnamed suitor.

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What’s going on at Chloride Group, the old battery manufacturer that now terms itself “an international provider of secure power solutions”?

The stock lit up on Monday, following a weekend report that it was on the receiving end of a takeover approach from an unidentified party — a gap market speculators quickly filled, speculatively, with the names of American rivals Eaton Corporation and/or Emerson Electric.

Strangely, however, there was no statement from the company - despite the fact that its shares jumped almost 23 per cent to 255p.

The stock featured on Markets Live at the end of April, when sources indicated that something deal-related was underway. But nothing was forthcoming from the company on that occasion either.

All very odd.

Related links:

Chloride’s record sales attract takeover attention - FT story