Ruth Mitchell

HMV’s stock rises amid takeover talk

Shares in HMV rose sharply on Friday amid speculation that it had received a bid for its bookshop chain Waterstone’s from a Russian billionaire.

The shares rose at much as 12.5% after the Financial Times reported Alexander Mamut had made a £43m cash offer for the 300-outlet book chain.

He already owns 6% of HMV, which has issued a string of profits warnings.

The retailer said last month that it expected profits to be about 25% lower than it had hoped.

HMV’s representatives would not comment on the report.

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