More Takeover Talk Lifts Tullow

Tullow Oil was among the gainers as commodity stocks helped the FTSE 100 inch to its highest level in nearly a year.
Tullow gained 1.2 per cent to £10.87 amid rehashed takeover speculation. Eni, the Italian oil group, was mentioned among the potential predators.
Eni has regularly been rumored to be interested in a farm-down agreement for Tullow’s Ugandan licenses. But an unexpected and unexplained dividend cut last month triggered speculation that Eni could be working on something larger. Analysts at Cazenove and UBS agreed that Tullow looked a credible bid target. However, they argued that Eni would be hard pushed to afford it.