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Smith & Nephew up on bid report

London - Shares in Europe's largest maker of artificial joints, Smith & Nephew, surged 11 percent on Wednesday on speculation about a possible takeover offer from US rival Stryker, traders said.

The Financial Times reported on Wednesday the US medical device maker is preparing a takeover bid for Smith & Nephew, adding any offer would likely be some way above the London-based group's market value.

Smith & Nephew added 1 billion pounds to its market value on Wednesday, taking it to around 9.5 billion pounds ($16.1 billion).

Trading volumes in the stock also surged after the report, coming in at 1.3 times its average for the past three months at around 15:00 SA time.

Smith & Nephew could not be reached for comment. - Reuters

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