BPI in fresh takeover talks

BRITISH Polythene Industries is in talks that may result in an offer being made for its shares, the plastic bags group confirmed.

Sources said Macfarlane, the packaging and printing group that made a hostile bid for BPI last December, had not made an approach. BPI has not said where the latest approach came from.

The talks are at a very early stage and their outcome is uncertain, BPI said. It is advising shareholders to take no action at this time, adding that a further announcement will be made in due course.

The comments come after the recent rise in its share price and weekend press speculation. BPI shares were up 39p at 344p, giving it a value of just under £90m.