"Faroe Petroleum, the prospector looking for oil off the Faroe Islands, leapt 23½ to 172½p after Dana Petroleum upped its stake in its smaller rival to 24.2pc. The move sparked speculation that Dana may make a bid for Faroe. The two companies have close links and Faroe's chief executive, Graham Stewart, is a former finance director of Dana. While Dana remained tight-lipped about its intentions, it is believed that Dana has not yet made an approach to Faroe. "A possible bid could not be ruled out at this stage," noted Phil Corbett, an analyst at ABN Amro. Dana shares dipped 51p to £13.33."
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/02/16/cxmktrep116.xml