Shares in Imperial Tobacco, the UK-based group which has launched an €11.5bn ($15.2bn) Citigroup-led bid for French rival Altadis, leapt almost 10% during trading today, making it the highest rising stock in the FTSE 100.

Imperial released a statement this morning confirming the €45 per share approach for Altadis, potentially the largest takeover in the industry since private equity firm Kohlberg Kravis Roberts bought conglomerate RJR Nabisco for $30bn (€22.7bn) in 1989.