UK specialty chemicals group Johnson Matthey tabled a £147.1m (€243.3m) cash offer for UK pharmaceuticals and chemicals group Meconic, and almost immediately bought 29.7% of Meconic's shares in the market.

It is understood that about six companies were interested in buying Meconic, including Johnson & Johnson and Tyco International, both of the US. In the end Meconic's board decided to recommend that shareholders accept Johnson Matthey's offer, which was the highest proposal.