Market report: Monday close

REVIVED talk of a bid for

The move follows reports over the weekend claiming three billionaire businessmen were stalking the Premier League side. They are said to include a Russian, someone of Middle East extraction and a European. The European is believed to be John de Mol, the Dutch television producer, who brought us the Big Brother series. He owns 3.4% of the shares. Man U has issued a statement saying no approaches have been received from anyone. The shares later saw their lead cut to 175p, up 7p.

Man U described the reports as pure fiction. But speculation has intensified in recent weeks after the £150m takeover of Premier League Chelsea Village by Russian billionaire Roman Abramovich.

It is thought some shareholders would love to see a bid for the club. John Magnier and JP McManus own 11% of the shares with Dermot Desmond a further 2%. They were big horse-racing buddies of manager Sir Alex Ferguson. Mining millionaire Harry Dobson owns 6.5%.

Man U hit the headlines last week when chief executive Peter Kenyon resigned after being approached by Abramovich in a deal thought to be worth £2m a year.

Meanwhile, across the other side of the city, Ofex-quoted Manchester City rose 2p to 28p following yesterday's win over Aston Villa that took it up to third in the Premiership.

The rest of the market ticked better in thin trading, partly supported by Friday's resilient performance by the Dow. The FTSE 100 index rose 21.5 points to 4259.3.

BAE Systems was a strong performer, adding 6 1/2p to 182p. Broker Credit Suisse First Boston has raised its earnings a share forecast for 2003 from 16p to 17p and its target price from 200p to 210p following last week's return to the black.

AstraZeneca fell 27p to 2630p with the group poised to launch its new fat-buster treatment Crestor in the US. The launch will bring it head to head with rival Pfizer's Lipitor. Goldman Sachs estimates sales of Crestor could reach $3.2bn (£2bn) annually by 2007. There is talk AstraZeneca may spend up to £1bn on marketing the drug.

Merger twins Granada, up 3 1/2p at 100 1/4p, and Carlton Communications, 8p better at 170p, were being chased by City speculators. Word is once the merger has been completed, they may find the US greetings cards supplier Hallmark, which already has its own television channel, will bid for the ITV franchise.

National Grid Transco firmed 4 1/2p to 507p after Smith Barney raised its recommendation from hold to buy and increased its 12-month target price from 420p to 475p. Smith Barney raised BHP Billiton, down 1/4p at 427p, from hold to buy. Broker CSFB also remains bullish on the shares.

3i Group advanced 16 1/2p to 642p. Broker UBS has raised its rating on the venture capital company from reduce to neutral but has set a price target of 600p, up from 520p, well below the stock's current trading levels.

Shares of software specialist Cryptologic have begun trading in London. They opened at 675p and touched 695p.

Prices and indices in this section are supplied from various sources and calculated at different times and may not always match those listed on the site.