Bid talk sends P&O shares higher

See P&O's share price

Shares in the UK ports and ferries operator, P&O, have risen sharply amid rumours that a second takeover offer for the firm might be launched.

The Singapore investment firm Temasek was reported to be considering a bid.

Earlier this week, P&O accepted a £3.3bn ($5.7bn) takeover offer from the UAE firm, Dubai Ports World.

Shares in P&O, the world's fourth largest port operator, rose 11.5% to 494 pence - well above the 443p a share offered by Dubai Ports.

Ports are benefiting from expanding Asian exports to the US and Europe.

Founded in 1837, P&O has three divisions - ferries, ports and logistics.

In its heyday in the mid-1920s, it owned a fleet of almost 500 ships before transforming itself in the post-war era to concentrate more on cargo shipping and ports.