Talk of a Sfr1.95bn (€1.24bn) bid from European private equity firm CVC Capital Partners has sent the share price of Swiss packaging company SIG Holding rocketing this morning.

CVC has teamed up with Elopak, a Norwegian packaging company, for its Sfr300 per share bid, according to Swiss weekly newspaper HandelsZeitung. Elopak will merge with SIG if the bid is successful, the paper said. Elopak had previously been thought to be a rival bidder to CVC for the company.