Talk of a new takeover bid for Scottish Power resurfaced today following the abrupt departure of Ian Russell as chief executive. The shares climbed almost 4% as former Allied Domecq chief Philip Bowman took over.

Bankers suggest Russell's departure could pave the way for a takeover from either arch UK rival Scottish & Southern Energy or Germany's E.On, whose £10.7bn (€16bn) bid was rejected last year.