$66bn Disney takeover bid

Traders were stunned today as Walt Disney was on the receiving end of a hostile £36.5 billion ($66 billion) takeover approach.

The bid - one of the biggest in recent years - came from Comcast, America's largest cable TV operator.

The approach looks certain to lead to a frenzy of bid speculation as the group owns some of the world's most valuable media assets and theme parks.

Comcast said that Disney's chairman and chief executive Michael Eisner was " unwilling" to enter merger talks.

Comcast said it would pay for the business with newly issued shares. Disney shareholders would end up with 42 per cent of the combined business, which would be one of the biggest broadcasting and film businesses in the world.

Disney has been beset with problems in recent years, with management under fire from Roy Disney, the former vice chairman and nephew of the eponymous founder.